A Random Walk Down Wall Street PDF Free Download

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful investing (Eleventh Edition) Paperback – January 4, 2016
Author: Visit ‘s Burton G. Malkiel Page ID: 0393352242

Review

“Talk to 10 money experts and youre likely to hear 10 recommendations for Burton Malkiels classic investing book.” (The Wall Street Journal)

“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. Thats 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 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.

Paperback: 448 pagesPublisher: W. W. Norton & Company; Eleventh Edition edition (January 4, 2016)Language: EnglishISBN-10: 0393352242ISBN-13: 978-0393352245 Product Dimensions: 5.5 x 1.4 x 8.3 inches Shipping Weight: 1.1 pounds (View shipping rates and policies) Best Sellers Rank: #208,026 in Books (See Top 100 in Books) #259 in Books > business & Money > Personal Finance > Retirement Planning #460 in Books > Business & Money > Personal Finance > Budgeting & Money Management #640 in Books > Business & Money > Investing > Introduction
I have no beef against the active traders. Maybe I have a little pity for them, since half of them have to lose money if the market’s a zero-sum game. That’s more than half, once you start to factor in fees.

I have long ago realized that though I am interested in the workings of the market, I am not going to delve to the minutiae of companies and different trades and try to be smarter than someone else on the other side who thinks he’s doing the same thing. Nope. Malkiel and Bogle figured out a way I could get away with making the most return possible with the least effort possible – indexing.

Basically this book is a defense of the efficient market hypotheses, or at least part of it. As I understand it, there are two parts to the EMF. One is that the price is always right. So that there’s no such thing as a bubble ever because all the valuations of the market price of securities are representative of their underlying value. The other part is that there’s no free lunch. Or basically arbitrage opportunities may exist, but they are not predictable nor do they persist. I think that the second part is more true than the first, and that’s what this book really digs into, showing you that there are no persistent ways to beat the market. If that’s true, then the best way to consistently make money is to just buy the market. Thankfully there are financial instruments that make that possible – and they’re where I have my money. Cards on the table, this book is just a giant exercise in confirmation bias for me, but it is confirmation bias well done in clear writing with a well-organized structure. I read this burning through the pages on a long holiday weekend, and I wanted to send it to my parents. I thought again about that.

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