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A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Tenth Edition) [Kindle Edition]

Burton G. Malkiel
4.3 out of 5 stars  See all reviews (335 customer reviews)

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Book Description

"Almost every list of must-read investment books . . . includes Malkiel's Random Walk." —Booklist


Especially in the wake of the financial meltdown, readers will hunger for Burton G. Malkiel’s reassuring, authoritative, gimmick-free, and perennially best-selling guide to investing. With 1.5 million copies sold, A Random Walk Down Wall Street has long been established as the first book to purchase when starting a portfolio. In addition to covering the full range of investment opportunities, the book features new material on the Great Recession and the global credit crisis as well as an increased focus on the long-term potential of emerging markets. With a new supplement that tackles the increasingly complex world of derivatives, along with the book’s classic life-cycle guide to investing, A Random Walk Down Wall Street remains the best investment guide money can buy.


Editorial Reviews

Amazon.com Review

It's unlikely that you'll spot many dog-eared copies of A Random Walk floating amongst the Wall Street set (although bookshelves at home may prove otherwise). After all, a "random walk"--in market terms--suggests that a "blindfolded monkey" would have as much luck selecting a portfolio as a pro. But Burton Malkiel's classic investment book is anything but random. Since stock prices cannot be predicted in the short term, argues Malkiel, individual investors are better off buying and holding onto index funds than meddling with securities or actively managing mutual funds. Not only will a broad range of index funds outperform a professionally managed portfolio in the long run, but investors can avoid expense charges and trading costs, which decrease returns.

First published in 1973, this seventh printing of a A Random Walk looks forward and does so broadly, examining a new range of investment choices facing the turn-of-the-century investor: money-market accounts, tax-exempt funds, Roth IRAs, and equity REITs, as well as the potential benefits and pitfalls of the emerging global economy. In his updated "life-cycle guide to investing," Malkiel offers age-related investment strategies that consider one's capacity for risk. (A 30-year-old who can depend on wages to offset investment losses has a different risk capacity from a 60-year-old.) In his assessment of rocketing Internet stocks, Malkiel defends his "random" position well, explaining how "the market eventually corrects any irrationality--albeit in its own slow, inexorable fashion. Anomalies can crop up, markets can get irrationally optimistic, and often they attract unwary investors. But eventually, true value is recognized by the market, and this is the main lesson investors must heed." Written for the financial layperson but bolstered by 30 years of research, A Random Walk will help individual investors take charge of their financial future. Recommended. --Rob McDonald

From Publishers Weekly

Latest edition of Princeton professor Malkiel's bestselling investment guide.
Copyright 1996 Reed Business Information, Inc.

Product Details

  • File Size: 2949 KB
  • Print Length: 449 pages
  • Page Numbers Source ISBN: 0393081435
  • Publisher: W. W. Norton & Company; 10 edition (January 10, 2011)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ISBN-10: 0393340740
  • ISBN-13: 978-0393340747
  • ASIN: B004KKXMZQ
  • Text-to-Speech: Enabled
  • X-Ray:
  • Lending: Not Enabled
  • Amazon Best Sellers Rank: #11,837 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
97 of 100 people found the following review helpful
Format:Paperback
Burton Malkiel's A Random Walk Down Wall Street is well known to be one of the modern classics on stock investing. I was already aware of the premise behind the book - the stock market is pretty efficient and most everyone is wasting their time trying to find inefficiencies to exploit - but I was interested in finding out what information inside could really help me as an individual, both as an investor and as a person interested in improving my personal finances. Here's what I found.

Chapter 1: Firm Foundations and Castles in the Air
The book starts off by defining two basic investment ideologies, the firm foundation theory and the "castle in the air" theory. The firm foundation theory basically says that you should invest based on the actual real value of what you're investing in; for example, if you buy a stock of Coke, it should be based on what the value of the Coca-Cola Corporation is. The "castle in the air" theory basically says that you should invest in response to what the crowds are doing and that you can make more money by riding the waves of people who are either following trends or trying to invest based on a firm foundation. Which one is right? The truth is that they both are, but at different times.

Chapter 2: The Madness of Crowds
This chapter is quite entertaining: it discusses financial "crazes" throughout history, including my personal favorite craze of all, tulipomania. In all three examples (tulipomania, the South Sea bubble, and the Wall Street crash of 1929), a market grew like gangbusters until everything was overvalued, then the values rapidly returned to normal.
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80 of 86 people found the following review helpful
5.0 out of 5 stars FOR EVERY INVESTOR January 12, 2011
Format:Hardcover|Verified Purchase
My review pertains to the newest 2010 edition of "A Random Walk Down Wall Street". I found it to be a well-updated classic. The author is very knowledgeable and makes a strong case for sensible investing choices using index funds and ETF's. Each chapter is peppered with experiences, jokes, and other interesting anecdotal tidbits. The old references that were fit for the 70's or 80's were purged or modified to make this book fit 2011. For the investor or anyone interested in building their own nest egg and then protecting it, this is a highly recommended book. I consider myself to be a rather experienced and seasoned investor but I learned a lot of new things reading this book. I have also read "The Little Book of Common Sense Investing" by John C. Bogle of Vanguard fame. I much prefer "A Random Walk Down Wall Street". Random is a much bigger book and will require more time to read, but it's much more thorough and less biased. If you have the time to read it, I would recommend A Random Walk over the Little Book.
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49 of 54 people found the following review helpful
Format:Hardcover
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, 9th ed., by Burton G. Malkiel, is a classic and brilliant explanation of how investors make the same mistakes over and over again, and how you can avoid those mistakes. If you want to understand how the stock market works, and decide for yourself if you should be investing in index mutual funds or picking stocks, this book is a must-read.

This book is not short, but that's because it goes through the history of investing (starting in 1592! through the dot-com era), explains how professionals invest and modern portfolio theory, and how you can apply all that to your investment portfolio.

I read this book before I was an investment advisor, have re-read it since, and recommend it to my clients who want to understand how the stock market, and how investors, work.

Pros: Love the stories of early investment bubbles, like the tulip bulb bubble (yes, actual tulip bulbs) and how the dot-com bubble was just history repeating itself. Great explaination of modern portfolio theory, that a non-financial-geek can understand.

Cons: Still is pretty technical for some people, and no one could say the book is short or quick reading. Modern portfolio theory may not work in all asset classes (like international investments, though that may be changing).

What I have learned: I love sharing stories of all of the bubbles throughout history, when I'm at a cocktail party or networking event. Helps me explain to clients and press why the dot-com bubble happened, why indexing works (in some asset classes), and how someone should evaluate the fundamentals of a stock.
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41 of 47 people found the following review helpful
By A Customer
Format:Paperback
As a financial consultant in a global financial services firm, I wholeheartedly recommend this book to anyone in the markets. Burton Malkiel's central concepts still hold up in this seventh edition. He updates with stories of the latest investment follies, and uses them to back up his central assertion: investing in the capital markets requires a long-term time horizon, an understanding of the risks involved, a resistance to rushing into the latest hot trend without researching it, and some kind of investment strategy. (Those investors who trade, trade, trade on broker advice should always remember: Brokers make money on every trade in commissions-- they don't care if *you* lose all of your money.) Burton's continued support of index funds as an important part of any diversified asset strategy is backed up by good, rigorous research. Even the best active managers get burned-- Warren Buffett's hot streak finally ran out in the first half of this year, didn't it? Mean reversion does finally win out in the long run. Investors who play the stock market like the Lotto always lose out to the long-term strategists. "A Random Walk down Wall Street" is, and will always be, an immensely valuable work.
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Most Recent Customer Reviews
5.0 out of 5 stars I love it
Thoughtful. Concise. Readable.
Published 2 days ago by J. Whitlock
5.0 out of 5 stars Easy to ready and, on the same time, very informative...
Easy to read and, on the same time, very informative... If you have some basic knowledge you have the opportunity to review the different perspectives on investments and decide... Read more
Published 4 days ago by Yiannis S.
5.0 out of 5 stars A must-read for anyone interested in investing!!
As a student of finance I found this book to be incredibly enlightening. A brief warning before I delve into my review of the content though: some of this book can be a challenge... Read more
Published 5 days ago by Mitch Holbrook
5.0 out of 5 stars Back to basics, with wit and elegance
A Random Walk Down Wall Street is truly a classic in investing. As such, it has passed the test of time and continues to be as fresh a read as ever. Read more
Published 8 days ago by Manuel Regalado
5.0 out of 5 stars The Books Worth Reading.
I found this book to be very helpful and would recommend it to friends and family. I am glad that I have taken the time to read it. Read more
Published 11 days ago by Alex
5.0 out of 5 stars Highly recommended.
A clear, informative, and endearingly wry introduction to investments. Highly recommended.
Published 12 days ago by Andrew Torres
5.0 out of 5 stars Five Stars
A great common sense guide for the average investor.
Published 1 month ago by todd
5.0 out of 5 stars A clasic
A clasic;) You ought to read it. And the the most interesting and usefull about it is.......
Well there is no such thing as a free lunch, so I guess you will have to read it... Read more
Published 1 month ago by Amazon Customer
5.0 out of 5 stars Five Stars
Loved it!
Published 1 month ago by Anthony
5.0 out of 5 stars good read and very helpful
It all makes sense. Good book for the starting investors. Describes landscape, existing theories and rightly nudges you towards an efficient market based investment strategy. Read more
Published 1 month ago by SG
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More About the Author

Burton G. Malkiel is the Chemical Bank Chairman's Professor of Economics at Princeton University. His books include "From Wall Street to the Great Wall," "Naked Economics," "The Random Walk Guide to Investing," and the mega-bestseller "A Random Walk Down Wall Street."






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