Random Walk

Random Walk

Paperback(Sixth Edition)

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Overview

An updated new edition of the investor's classic handbook includes advice on how individuals can tailor their financial objectives to their incomes and analyzes and rates potential returns from a variety of investment opportunities.

Product Details

ISBN-13: 9780393315295
Publisher: Norton, W. W. & Company, Inc.
Publication date: 09/01/1996
Edition description: Sixth Edition
Pages: 522
Product dimensions: 5.50(w) x 8.30(h) x 1.10(d)

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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Random Walk 4.7 out of 5 based on 0 ratings. 3 reviews.
browner56 on LibraryThing More than 1 year ago
Professors teaching security analysis in business schools face an interesting dilemma: We teach people how to identify situations where a stock¿s price and intrinsic value may differ, despite the fact that a substantial portion of our academic training strongly suggests that security markets are efficient to the point that such activity is unlikely to lead to abnormal profits over time. While it is certainly possible to reconcile these polemical positions¿for instance, when there is a cost to acquiring and processing financial information¿the more interesting question probably involves establishing which view of the world defines an individual¿s core belief. My own opinion is that investors are far better off in the long run with a null hypothesis that markets are efficient; this creates the burden of having to convince themselves why price and value might differ in a particular situation. Within this context, Malkiel¿s book is the most compelling and user-friendly statement of the nature and portfolio implications of the efficient market hypothesis that an investor could hope to find. I have used it as a supplementary text in my classes for years and it remains an insightful and highly entertaining reference.
Anonymous More than 1 year ago
Guest More than 1 year ago
For the investor who wants to find out what the academic community is saying about investing, what really works and what doesn't, then this is the first book to turn to. Easy to read and fully footnoted, the reader is presented with the details on where academics see investing today, and where investing is going in the future. All this without having to wade through pages of financial formulas and proofs which frequently are more confusing than helpful. Should be standard reading for anyone who is investing on their own, or who wants to learn more about what investment advisors should know to do their jobs. Excellent!