There are any number of authors and hucksters who will sell you a system that will guarantee you can beat the market. Curiously, though, few of them stick round for very long. Remember the big day trading frenzy of the 1990s? A lot of people blew all their savings on that one. I knew a lawyer who quit his job and managed to lose his savings, his house, and a good chunk of his in-laws' money with that guaranteed money maker. You can buy books that will tell you how to trade commodities, how to play the options market, why you should buy/sell gold... these methods and their hawkers come and go. And yet, "A Random Walk" is still in print almost 40 years after it was first published.
Malkiel's advice seems almost old fashioned now, but when he first published this book, it was revolutionary. It was the first book for the non-professional investor that used modern portfolio theory to come up with a low-risk strategy for long term growth and security that any investor could follow. It debunked fads, and showed the wisdom of strategies that are now commonly accepted. He promoted mutual finds over individual stocks, and later, index funds over narrower investments. He demonstrated how investing for value outperformed growth over the long run, and told people why they should shift from equity investment to debt (bonds) as they grew older.
39 years after its first publication, this still remains the only book the average person needs to guide their investment strategy. You won't get rich quick following the advice here, but you'll grow your savings in a safe way, and make sure you can provide for yourself through the future.
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