Burton Malkiel's A Random Walk Down Wall Street

Burton Malkiel's A Random Walk Down Wall Street

by Nicholas Burton

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Overview

Burton Malkiel’s 1973 A Random Walk Down Wall Street was an explosive contribution to debates about how to reap a good return on investing in stocks and shares. Reissued and updated many times since, Malkiel’s text remains an indispensable contribution to the world of investment strategy – one that continues to cause controversy among investment professionals today.

At the book’s heart lies a simple question of evaluation: just how successful are investment experts? The financial world was, and is, full of people who claim to have the knowledge and expertise to outperform the markets, and produce larger gains for investors as a result of their knowledge. But how successful, Malkiel asked, are they really? Via careful evaluations of performance – looking at those who invested via ‘technical analysis’ and ‘fundamental analysis’ – he was able to challenge the adequacy of many of the claims made for analysts’ success. Malkiel found the major active investment strategies to be significantly flawed. Where actively managed funds posted big gains one year, they seemingly inevitably posted below average gains in succeeding years. By evaluating the figures over the medium and long term, indeed, Malkiel discovered that actively-managed funds did far worse on average than those that passively followed the general market index.

Though many investment professionals still argue against Malkiel’s influential findings, his exploration of the strengths and weaknesses of the argument for believing investors’ claims provides strong evidence that his own passive strategy wins out overall.

Product Details

ISBN-13: 9780429939822
Publisher: Taylor & Francis
Publication date: 02/21/2018
Series: Macat Library
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 96
Sales rank: 444,410
File size: 2 MB

About the Author

Dr Nicholas Pierpan holds a degree in economics from Bowdoin College, Maine, and a DPhil in English literature from the University of Oxford. An award-winning playwright who has taken on subjects as diverse as the financial crisis and the lives of the Romanitic poets, he currently lectures on play-writing at Royal Holloway, University of London, and is the Creative Arts Fellow at Wolfson College, Oxford.      

Table of Contents

Ways in to the text  Who was Burton Malkiel?  What does A Random Walk Down Wall Street say?  Why does A Random Walk Down Wall Street matter? Section 1: Influences  Module 1: The Author and the Historical Context  Module 2: Academic Context  Module 3: The Problem  Module 4: The Author's Contribution  Section 2: Ideas  Module 5: Main Ideas  Module 6: Secondary Ideas  Module 7: Achievement  Module 8: Place in the Author's Work  Section 3: Impact  Module 9: The First Responses  Module 10: The Evolving Debate  Module 11: Impact and Influence Today  Module 12: Where Next?  Glossary of Terms  People Mentioned in the Text  Works Cited

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