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A Random Walk down Wall Street: The Time-tested Strategy for Successful Investing Eleventh Edition

by Burton G. Malkiel (Author)

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The best investment guide money can buy, with over 1.5 million copies sold, now fully revised and updated.

In today’s daunting investment landscape, the need for Burton G. Malkiel’s reassuring, authoritative, and perennially best-selling guide to investing is stronger than ever. A Random Walk Down Wall Street has long been established as the first book to purchase when starting a portfolio. This new edition features fresh material on exchange-traded funds and investment opportunities in emerging markets; a brand-new chapter on “smart beta” funds, the newest marketing gimmick of the investment management industry; and a new supplement that tackles the increasingly complex world of derivatives.

ISBN-10

9780393352245
ISBN-13

978-0393352245
Edition

Eleventh
Publisher

W. W. Norton & Company
Publication date

January 4, 2016
Language

English
Dimensions

5.5 x 1.2 x 8.3 inches
Print length

496 pages
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Editorial Reviews

Review

"A Random Walk has set thousands of investors on a straight path…. A lucid mix of the theoretical and the pragmatic."
― Chicago Tribune

"A must-read for any investor."
― The Browser

"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

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

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 president’s Council of Economic Advisers and dean of the Yale School of Management. He resides in New Jersey.

Product details

ASIN ‏ : ‎ 0393352242
Publisher ‏ : ‎ W. W. Norton & Company; Eleventh edition (January 4, 2016)
Language ‏ : ‎ English
Paperback ‏ : ‎ 496 pages
ISBN-10 ‏ : ‎ 9780393352245
ISBN-13 ‏ : ‎ 978-0393352245
Item Weight ‏ : ‎ 12.9 ounces
Dimensions ‏ : ‎ 5.5 x 1.2 x 8.3 inches

Best Sellers Rank: #544,927 in Books (See Top 100 in Books)
- #745 in Retirement Planning (Books)
- #1,491 in Budgeting & Money Management (Books)
- #1,576 in Introduction to Investing

Customer Reviews:
4.6 1,812 ratings

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Burton G. Malkiel

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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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Phil

My mind is blown

Reviewed in the United States on February 14, 2017

Verified Purchase

I read quite a few books 10 to 15 on investing in about a month time frame 300 plus pages each. Years of reading articles online and in magazines. And a few bad experiences in The stock market and a few good ones. I even read the intelligent investor, and security analysis among other great books. I recently decided I needed to take investing more seriously and decided to finally read this book. I bought the Kindle edition since I'm overseas, but after reading this I'm buying a hard copy as well. This blows every other book I've read on the topic of investing away. I was allready a strong believer in indexing as it was after this my mind expanded and there is so much to gain from this book. If you care about yourself, and your families future buy this book. Words do it no justice. With that said the material can at times be a little dry. The first few chapters are a bit interesting at times but boring as can get most of the time. Great knowledge but boring knowledge. The rest of the book is great especially the views of the author on bonds and the various investment strategies that people have e used in the past. My only critiques are on the part about futures or derivatives, as well as Treasury bills. I've had bad experiences dealing with the Treasury and I don't trust them so this portion although small annoyed me I just had no interest in reading it. The futures/ derivatives last portion of the book just didn't appeal to me. I had no interest in these types of investments and after reading about them in more detail have even less Interest In them. The portfolio diversification suggestions could have been more detailed. Otherwise great book, I will be reading a few other books just to get different views or strategies.

119 people found this helpful

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El Artesano

Beware of the Paradox

Reviewed in the United States on September 5, 2018

Verified Purchase

So, here is the thing. If you’re looking into this book, it is because you’re probably interested in managing your own money. Also, because this is a very basic book, you are probably on the early stages of your investing education. Which means you still have a lot to learn from the theory and, especially, from the practice. Now, because you still have a lot to learn from the practice, you will probably be making most of the mistakes this book warns against. Hence the paradox.

So, you are starting your journey here, attempting to formalize what until now it’s only been an intuitive understanding (if that). After finishing this book, you feel good about it, confident that you can do this. So, you then delve into Value Investing, in an attempt to use some fundamental analysis to pick a group of stocks that make up a portfolio that is stronger than the S&P. You soon realize that this is not that easy, as there are too many variables to take into account and then, even if your fundamental analysis is correct, the market for some reason does not validate your views. You feel tired, but not enough to give up. After all, this is really cool stuff and makes you sound smart at social gatherings. So, you decide to change your approach. You still feel like it is possible to create a basket of stocks that can beat the market. You see names like Amazon, Netflix, Nvidia, and think you can easily get on a sweet ride by investing in those market leaders. You do well. But you think you can do better. Because the market decided to take a break with Netflix, your results are not as great as you thought they would be. In the meantime, you’ve been reading Peter Lynch, learned about those 10 baggers, and started looking around you for those places where you usually shop at. You love going to Shake Shack. So you look up its stock symbol and realize it had a tremendous run since its IPO. At a family meeting, you hear your fresh-out-of-college nephew talk about how much he likes his job as a data scientist at Hello Fresh, where they use an incredible tool called Tableau. So, you decide to invest in all of these companies. Initially, you do well in Shake Shack. But then the market decides it had a very long run and it’s time to take some profits off the table. So, you end up with average results. Tableau does great and you keep hearing good things about it. Then it tumbles 50% overnight on disappointing earnings. Hello Fresh has an amazing business model but for some reason the stock has been trading in ranges for ever.

Now, a year has gone by and you realize you got the same results the index had. Except that you spent all that time and money trying to build and maintain your portfolio when you could have easily bought and held the SPY. Even worse, you now have to pay taxes on all those trades that you exited just so you could feel good by pocketing some profits.

Well, my friend, those are the type of lessons this book tries to teach. The problem is that you will not listen at first and will eventually learn the hard way, just to end up here again (probably re-reading this review). But that’s good. You learned your lesson and are wiser now. Good luck!

410 people found this helpful

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Eric

Great for beginners

Reviewed in the United States on January 14, 2019

Verified Purchase

I am about half way through the book. I've learned a lot from the book and gained a lot of confidence is on how the stock market works in general.

The summary of the book is already explained by the author right off the bat. There's no way to predict the future of the market. The best way is to invest int he S&P 500 long time over 10 years.

The book kind of goes into all tools and strategies used in the market to predict the market's future and how none of them works. That covers about 2/3rds of what I've read so far.

Its definitely a great read for beginners even though some of the how-these-strategies-dont-work gets a little repetitive. Goes into a bit of history to demonstrate an idea which are helpful.

4 people found this helpful

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Rafael Targino

O soco no estômago do stock picking

Reviewed in Brazil on November 25, 2022

Verified Purchase

É um livro que te abre os olhos sobre o poder da gestão passiva em comparação com a gestão ativa de investimentos que em sua maioria vende ilusões e no fim não bate o mercado.

Mostra como a mística dos investimentos é responsável por encher o bolso dos gestores de fundos.

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Yvja

Wichtiges Buch

Reviewed in Germany on August 7, 2023

Verified Purchase

Sollte man gelesen haben, ein guter Einblick

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Sparky

Interesting ideas to grow a nest egg

Reviewed in the United Kingdom on November 1, 2020

Verified Purchase

Enjoyable read which I aim to use in the near future to begin saving in addition to workplace pension! Simplest strategy to avoid trying to be clever and time the market, rather use index funds to diversify and reduce risk while still expecting a reasonable rate of return (though with current savings rates, it's not a big ask)

FERNANDO DIAZ LOPEZ

Excelente libro

Reviewed in Mexico on June 27, 2018

Verified Purchase

Excelente libro para quien comienza en el mundo de las inversiones. Contiene diversos temas, desde historia hasta aspectos más técnicos (análisis fundamental, técnico, capm,etc) donde el autor a pesar de no entrar en detalles expone de manera sencilla los fundamentos y los discute.

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MULA JACOB

Livre investissement et finance

Reviewed in France on March 9, 2020

Verified Purchase

Excellent livre sur l'investissement et la compréhension du marché financier.

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