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A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Ninth Edition) Paperback – December 17, 2007


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Product Details

  • Paperback: 464 pages
  • Publisher: W. W. Norton & Company; Ninth Edition edition (December 17, 2007)
  • Language: English
  • ISBN-10: 0393330338
  • ISBN-13: 978-0393330335
  • Product Dimensions: 5.4 x 1.1 x 8.2 inches
  • Shipping Weight: 13.4 ounces
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (337 customer reviews)
  • Amazon Best Sellers Rank: #34,104 in Books (See Top 100 in Books)

Editorial Reviews

Review

"A classic, I know, but this preview is all about selling books and this one's already done more than a million copies... this has got to be the leading book in its field." The Bookseller "This revised new edition of the million-copy bestseller is updated with a new chapter on behavioural finance, and remains one of the best investment guides on the market... a must for students of economics." Publishing News"

About the Author

Burton G. Malkiel is the Chemical Bank Chairman's Professor of Economics at Princeton University. He is a former member of the Council of Economic Advisers and has served on the boards of several major corporations.

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."



Customer Reviews

I highly recommend this book for any beginner to investing.
Lisa
Therefore the best investment he recommends is investing in index funds or buying the index stocks.
Ahmed Bahey Alashram
The author presents the contents of this book in a very easy to understand manner.
Ahmad

Most Helpful Customer Reviews

99 of 102 people found the following review helpful By Trent Hamm on March 31, 2009
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 By Carl of Netcong on 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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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 on August 3, 2000
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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