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Burton G. Malkiel

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing Hardcover – Illustrated, January 1, 2019

by Burton G. Malkiel (Author)

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With the prevailing wisdom changing on an almost daily basis, Burton G. Malkiel’s reassuring and vastly informative volume remains the best investment guide money can buy.

In a time of increasing inequality, when high-frequency traders and hedge-fund managers seem to tower over the average investor, Burton G. Malkiel’s classic and gimmick-free investment guide is now more necessary than ever. Rather than tricks, what you’ll find here is a time-tested and thoroughly research-based strategy for your portfolio. Whether you’re considering your first 401k contribution or contemplating retirement, this fully-updated edition of A Random Walk Down Wall Street should be the first book on your reading list.

In A Random Walk Down Wall Street you’ll learn the basic terminology of "the Street" and how to navigate it with the help of a user-friendly, long-range investment strategy that really works. Drawing on his own varied experience as an economist, financial adviser, and successful investor, Malkiel shows why an individual who buys over time and holds a low-cost, internationally diversified index of securities is still likely to exceed the performance of portfolios carefully picked by professionals using sophisticated analytical techniques. In this new edition, Malkiel provides a brand-new section on the recent bubble in cryptocurrencies like Bitcoin, as well as valuable new material on “tax-loss harvesting”―the crown jewel of tax management. He also presents a critical analysis of two recently popular investment-management techniques: factor investing and risk parity.

On top of all this, the book’s classic lifecycle guide to investing, which tailors strategies to investors of any age, will help you plan confidently for the future. You’ll learn how to analyze the potential returns, not only for basic stocks and bonds but for the full range of investment opportunities―from money market accounts and real estate investment trusts to insurance, home ownership, and tangible assets like gold and collectibles. Individual investors of every level of experience and risk tolerance will find throughout the book the critical facts and step-by-step guidance they need to protect and grow their hard-earned dollars.

Print length

432 pages
Language

English
Publisher

W. W. Norton & Company
Publication date

January 1, 2019
Dimensions

6.4 x 1.5 x 9.6 inches
ISBN-10

1324002182
ISBN-13

978-1324002185
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Editorial Reviews

Review

"Do you want to do well in the stock market? Here’s the best advice. Scrape together a few bucks and buy Burton Malkiel’s book. Then take what’s left and put it in an index fund."
― Los Angeles Times

"Imagine getting a week-long lesson on investing from someone with the common sense of Benjamin Franklin, the academic and institutional knowledge of Milton Friedman and the practical experience of Warren Buffett. That’s about what awaits you in the latest edition of this must-read by Burton Malkiel."
― Barron's

"Not more than half a dozen really good books about investing have been written in the past fifty years. This one may well belong in the classics category."
― Forbes

"If one of your New Year’s resolutions is to improve your personal finances, here’s a suggestion: Instead of picking up one of the scores of new works flooding into bookstores, reread an old one: A Random Walk Down Wall Street."
― New York Times

"An engagingly written and wonderfully argued tome."
― Money

"A useful introduction to investing with lots of common-sense advice."
― Wall Street Journal

About the Author

Burton G. Malkiel is the Chemical Bank Chairman's Professor of Economics Emeritus at Princeton University. He is a former member of the Council of Economic Advisers, dean of the Yale School of Management, and has served on the boards of several major corporations, including Vanguard and Prudential Financial. He is the chief investment officer of Wealthfront.

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Product details

Publisher : W. W. Norton & Company; Twelfth edition (January 1, 2019)
Language : English
Hardcover : 432 pages
ISBN-10 : 1324002182
ISBN-13 : 978-1324002185
Item Weight : 1.45 pounds
Dimensions : 6.4 x 1.5 x 9.6 inches

Best Sellers Rank: #15,264 in Books (See Top 100 in Books)
- #7 in Bonds Investing (Books)
- #15 in Mutual Funds Investing (Books)
- #43 in Retirement Planning (Books)

Customer Reviews:
1,725 ratings

Customer reviews

5 star		80%
4 star		14%
3 star		4%
2 star		1%
1 star		1%

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Top reviews from the United States

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shawn

Good introduction to financial markets

Reviewed in the United States on December 29, 2019

Verified Purchase

This book has some pretty solid chapters that cover investment bubbles, fundamental vs. technical analysis, modern portfolio theory, index funds, etc, all topics I was being exposed to by taking Robert Shiller's free Financial Markets course on Coursera (Yale University). However, I was finding Shiller's course to be lacking in its abbreviated form and needed some additional reading to aid in my understanding. That's where 'A Random Walk' came in and saved the day.

I work in education, not finance, and I believe it was David Ausubel who wrote that the single most important thing you can do when teaching someone is to anchor new content on the learner's existing knowledge/framework. This book is pretty helpful in that regard. It's more of an introduction to financial markets, but not so basic as to be something you could easily learn from online articles like those on Investopedia (which a great site, but this book is better organized and more cohesive).

So, in short: maybe start with this book, then take Shiller's course, and move on to actual finance textbooks if you're inclined to go deeper. Or, if you just want a casual, future retiree's introduction to financial markets and investing, this book will help plenty.

57 people found this helpful

Helpful

BLS

A broad overview of investing with dives that are too deep for a message that is very simple

Reviewed in the United States on October 9, 2020

Verified Purchase

I started with the hardbound version of this book from my local library and finished with the softcover cover version from Amazon.

Burton Malkiel gives a very broad overview of how our securities markets are structured, how they operates, and how we interact with them. This includes a history lesson in bubbles, booms, busts, depressions, recessions, and rallies from the Tulip craze to today's time. Malkiel covers everything from stocks to bonds to mutual funds and more. There's chapters on charting, modern portfolio theory, and CAPM. Although this book is meant to be an overview, there is a lot ... and, I mean ~a lot~ ... of information here. The text reads like a professor at a university trying to give an interesting lecture or presentation. Some of the chapters, like the history of market swings, I found interesting to read because I like history in general - the whole how and why of events and their influence on how we got to day.I also enjoyed the chapters on investing behavior and psychology. Other chapters, like on charting, beta, and government backed bonds did not captivate me much. The information was sometimes too technical in nature and sounded like a bunch of hooey to me or just didn't apply to my personal investing strategy.

The whole text can be boiled down to a few key concepts.

First, the market is irrational and unpredictable. Don't try too hard to outsmart it or time it just right. The blips and dips in security prices, random world events like terrorist attacks or government scandals, and unjustified exuberance or pessimism are too much for anyone or anything to take on. You won't win. You may get lucky and think you won but you could have just as easily lost. Hence, the random walk.

Two, despite all that dreck in #1 above, investing in the stock market still beats out any other investment in the long run. Buy, *hold*, **add**, and repeat. Don't fall prey to jittery emotions or the whims and wiles of "professional" investors with messages of doom and gloom. Like Warren Buffett said, the best holding time is forever.

Three, picking a winning stock is not easy. Suppose you are a young investor with a small sum of money like $5k. How will you invest it? Do you feel confident in picking a stock or two? Will your picks beat the market average? Maybe, if you pick right under the right conditions. However, the best way to invest in the market would be through an index fund that reflects the very market you want to invest in. The index fund, either as an ETF or Mutual Fund, will contain a little of everything that reflects the index it is benchmarked against. The SPY will follow the S&P, DIA will follow the Dow Jones, QQQ will track the Nasdaq 100. So, why risk picking one or two stocks when you can kind of have them all?

Four, diversify your diversification. The index funds diversify your money among many securities. You can go further and diversify by investing in international funds. The idea is some international funds can outperform US funds. They can also "zig" when the US funds "zag".

Five, and lastly, skip the services of a professional advisor. He's no genie or wizard. You can do just as well as he can if not better.

I agree with 1, 2, and 5 above but I disagree somewhat with 3 and 4.

Regarding 3, you ought to be able to open up any index fund and see exactly what it is holding and how much. For example, if you want to know what SOXX is holding then go to the iShares website and look at it. It's all there. Rather than buying SOXX I can skip the middleman and his approximately 0.5% fee and just buy those securities ... or, at least the top 10. Many brokerage firms, like Fidelity, offer fractional trading down to 0.001 shares as long as the resulting purchase price is at least $0.01. Now, that means you ought to put in some work and learn how to follow a stock. At least you have a starting point.

Going further, assume you rolled over a pension or 401(k) into a traditional and/or a Roth IRA. You may find yourself with a large sum of money, like $100k or more. With money like that you can build up a serious version of your own equivalent of an index fund with anywhere from 20 to 80 securities.

Now, I will counter myself and repeat what I said above. This will involve quite a bit of work over a long period of time. You have companies to keep track of and all that. It can become like a second job, In that case, maybe a simple all-in-one index fund is all you need.

Regarding 4, I think you ought to use some of the advanced charting tools or total returns calculators available from your broker or somewhere else online to compare how US securities performed compared to international securities. Compare some of the US best like QQQ, SPY, SOXX, and IGV to country specific funds that focus on New Zealand, China, and Russia. If you see these international funds outperformed their US counterparts then you have a starting point for a case for international diversification. Personally, I didn't see it. I saw the US centric ETFs and securities far outperform a majority of international funds. Diversification here wouldn't make sense. Why would I split money between two markets, one that can grow >8% per year over 10 years and one that can grow ~4% per year over 10 years? I'd rather pour everything that I can into the highest performing instrument available. If something better comes around after a couple of years then I divest one and buy the other. Or, even better, buy more of the depressed security knowing that it will rebound.

So, while I don't agree with everything Malkiel says it did provoke a lot of thought in my mind and for that I give it 5 stars.

38 people found this helpful

Helpful

Windjammer

The latest edition of this classic remains relevant with indispensable investing advice

Reviewed in the United States on December 29, 2019

Verified Purchase

I read the first edition when I was a young Finance Professor years ago. At the time, it did a superb job of summarizing the research and explaining its implications for the average investor in a manner that was accessible and understandable for the non-academic. The latest edition has been updated based on the more recent research, and with minor tweaks, the underlying and time-tested strategy remains relevant today: for the small investor the most reliable investment strategy is to buy and hold a well-diversified portfolio of low-cost passively managed index funds.

I highly recommend this book to anyone interested in saving and investing for a comfortable retirement.

23 people found this helpful

Helpful

justin r masuda

A good foundational book for investing. AND easy to understand.

Reviewed in the United States on November 25, 2019

Verified Purchase

I am a beginning investor, and with so much information out there Im sure you could do well learning on your own. But I feel that this books points you in good directions and gives historical evidence on why you might choose the authors direction when investing in your hard earned money. I wish I had read this earlier although im still quite young. The updated version is suggested although im sure the books foundational ideas were just as relevant then as they are now.

19 people found this helpful

Helpful

Jay M

Printed on low quality paper

Reviewed in the United States on July 14, 2020

Verified Purchase

Great content no doubt, but printed on a very low quality paper to the extent that some pages came torn when I received the book. Please re-print on a better quality paper, how can we pass on this book to our offsprings?

7 people found this helpful

Helpful

Brad

Very informative and easy to read

Reviewed in the United States on December 14, 2020

Verified Purchase

I very much enjoyed this book. It is full of information and promotes your own critical thinking about the market. I highly recommend for those just getting into the markets or for those who just want to know more and evaluate their opinions about a variety of topics. The author uses easy to understand terms and provides the reader with his own opinion and a variety of different views about the markets and popular investment strategy. It also has many references included in the book so one may do further research and find information from sources the author has used. 5 stars!

2 people found this helpful

Helpful

Joel Ruprecht

Good writing and informative, but it feels like Malkiel is just poo-pooing everything.

Reviewed in the United States on December 6, 2020

Verified Purchase

The book is a very easy read and definitely has good information in it, but it did feel as though half the book is Malkiel poking holes in other strategies, rather than providing information that could assist someone to create and maintain their own winning strategy. Like, he'd give info about a strategy, and then tell you why you just wasted your time learning about it...lol BUT OVERALL IT'S WORTH THE READ.

2 people found this helpful

Helpful

Top reviews from other countries

Maria S.

Must read if you are interested in investing or trading.

Reviewed in the United Kingdom on August 8, 2020

Verified Purchase

Gives sound advice to those who are able to invest or are thinking of trading. Wished I read it years ago.

2 people found this helpful

Good read but do not expect in-depth knowledge.

Reviewed in the United Kingdom on June 22, 2020

Verified Purchase

Good read but not detailed as to what exactly one should do. It’s more of concepts than practical day today use of knowledge. But it’s good for building fundamentals understanding about investment.

One person found this helpful

Amazon Customer

Must read

Reviewed in the United Kingdom on November 2, 2020

Verified Purchase

This book is must read, eye opener in some instances

One person found this helpful

Hagmann

Few bumps and creases

Reviewed in the United Kingdom on July 1, 2020

Verified Purchase

Bought new, came with some creases

2 people found this helpful

Monika Stratieva

Top book for beginners

Reviewed in the United Kingdom on November 21, 2020

Verified Purchase

This book was easy to understand even for me with basic finance, economics understanding. Also amusing and gives practical tips on how to get started investing.

See all reviews