| | |  | Spyware | Home » » » » A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Completely Revised and Updated) | | | | | | | Description: | | The best investment guide money can buy, with over 1.5 million copies sold, now fully revised and updated. Especially in the wake of the financial meltdown, readers will hunger for Burton G. Malkiel’s reassuring, authoritative, gimmick-free, and perennially best-selling guide to investing. Long established as the first book to purchase before starting a portfolio, A Random Walk Down Wall Street features new material on the Great Recession and the global credit crisis as well as an increased focus on the long-term potential of emerging markets. Malkiel also evaluates the full range of investment opportunities in today’s volatile markets, from stocks, bonds, and money markets to real estate investment trusts and insurance, home ownership, and tangible assets such as gold and collectibles. These comprehensive insights, along with the book’s classic life-cycle guide to investing, chart a course for anyone seeking a calm route through the turbulent waters of the financial markets. | | | Product Details: | | | Author:
| Burton G. Malkiel | | Hardcover:
| 445 pages | | Publisher:
| W. W. Norton & Company | | Publication Date:
| January 10, 2011 | | Language:
| English | | ISBN:
| 0393081435 | | Product Length:
| 9.4 inches | | Product Width:
| 6.4 inches | | Product Height:
| 1.5 inches | | Product Weight:
| 1.35 pounds | | Package Length:
| 9.37 inches | | Package Width:
| 6.46 inches | | Package Height:
| 1.5 inches | | Package Weight:
| 1.5 pounds | | Average Customer Rating:
|  based on 14 reviews |
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| | | | Customer Reviews: | |
Average Customer Review:
 ( 14 customer reviews )
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Most Helpful Customer Reviews
49 of 52 found the following review helpful:
 FOR EVERY INVESTORJan 12, 2011
By Carl Clegg
"columnarios"
My review pertains to the newest 2010 edition of "A Random Walk Down Wall Street". I found it to be a well-updated classic. The author is very knowledgeable and makes a strong case for sensible investing choices using index funds and ETF's. Each chapter is peppered with experiences, jokes, and other interesting anecdotal tidbits. The old references that were fit for the 70's or 80's were purged or modified to make this book fit 2011. For the investor or anyone interested in building their own nest egg and then protecting it, this is a highly recommended book. I consider myself to be a rather experienced and seasoned investor but I learned a lot of new things reading this book. I have also read "The Little Book of Common Sense Investing" by John C. Bogle of Vanguard fame. I much prefer "A Random Walk Down Wall Street". Random is a much bigger book and will require more time to read, but it's much more thorough and less biased. If you have the time to read it, I would recommend A Random Walk over the Little Book.
15 of 16 found the following review helpful:
What A Private Investor Needs To KnowFeb 18, 2011
By David B. Thomas
"Dave Thomas"
I discovered this book 25 years ago in an earlier edition. Since then I've given copies to my children, friends and recommended it to others countless times. Given the natural tendency of human's to make distructive financial decisions (the latest research in behavioral finance and how to counteract these biases is well described here)I read a new addition about every 10 years. This newest and heavily revised edition seemed to have perfect timing given the financial blowups of the last 3 years. It was to be my winter read, but once I cracked it, I found it, as usual, highly up date and full of relevant advice on how to manage your finances, make sound investments and plan for life's events. It's as highly readable and practical. I recommend this new revised and expanded edition of the book without hesitation and although it's may be an over used statement, it really is all you need to know to make sound decisions based on a solid understanding of how finances work. Is there a down side to reading this book? Indeed there is; after reading this book, if you spend any time watching the cable TV business shows, you will want to fling the book at the snake oil salesmen and Wall Street panderers that pass for experts providing finance advice to the public.
38 of 54 found the following review helpful:
 This book has appeased the masses over several decades, at the same time professionals have profited handsomely. Disgusting.Aug 12, 2011
By Jackal
Many years ago I bought this book about the stock market. In retrospect, it is the worst book I've ever bought because it made me believe in efficient capital markets. The author made his point with a lot of arrogance - just like finance professors did 15-20 years ago. At the time the markets very certainly not as efficient as the author believed. There have been several updates to the book, but the condescending voice of the author remains.
For the statistically interested, the problem with a lot of old finance (and also not so old) research was that it was testing the theory that the market was efficient. That is poor philosophy of science. You should always test the opposite of what your theory stipulates. If you can reject the opposite, your theory is as supported as it can be (standard Popper). The finance profession in their ignorance of philosophy of science tested it the other way around. This means that they could too easily conclude that the markets were efficient. Not a word about such complications in this book. Why is this relevant? I would say that the author is less critical of research that supports his preconceived opinion (as stated in the first edition of the book).
I did not realise this bias when I first read the book. Instead, I believed the author's conclusion that the markets must be so efficient that it is fruitless to try to beat them. That was and is just plain silly. The markets are of course tending towards efficiency, so it is not easy to beat them. This is an important point. However, to state that they are efficient is just plain arrogant. So while there are some very good critical analyses in this book, ultimately it might make you believe in something that is very costly: That you cannot make more money in the stock market unless you are willing to take on a higher level of risk.
Currently a lot of academics are questioning the efficient markets. This research is not taken seriously by the author. I am reminded of Kuhn's comment that the new paradigm only becomes prominent when the old guard dies/retires. Furthermore, a lot of people with a PhD in finance start hedge funds to exploit anomalies in the market place instead of writing academic articles. Wouldn't this be worth serious consideration by the author? Still, there is still room for other inefficiencies. For instance the role of emotions is totally disregarded by academic-finance number-crunchers.
The author also has advice of how to invest. His view is to buy low-cost mutual funds. This is not awful advice, but still why would you buy mutual funds when the average fund doesn't even return average market returns? The only thing you know is that they take 1-3% in management fees every year. Do compound interest on that! In The Financial Times, the author recently argued that stocks in emerging markets are undervalued. It is hard to believe in efficient markets and write an investment column. So he just assumes (contrary to his book) that the markets are inefficient and have not priced those stocks correctly. Check out recent videos from 2011. He says that he believes in efficient markets when it comes to publicly available information. Then he proceeds to state that people in 1999 bought the wrong kind of stocks (Internet, technology), which were overvalued. Yes, I would agree those stocks were in a bubble. But honestly, then you cannot believe in efficient markets. These blaring inconsistencies are remarkable.
If you have read this far and want to give me negative feedback, be my guest. I posted a version of this review on an earlier edition of the book, and the review got trashed be believers. When you get a lot of negative feedback on a negative review on amazon that tells you the author has a lot of worshippers. That should make you worried.
A more rational response would be to read Justin Fox's The Myth of the Rational Market. It tells a much more nuanced narrative about the efficiency of capital markets and prominent academics role in developing ideas and theories. The style of the book is not preachy at all. His stories show academic finance to be a very dogmatic environment in the 80s and 90s. You could be called a communist by the stars in the field and have your chances of employment reduced if you didn't sign up to the belief that markets are efficient. It is all described in Fox's book. Or read Shiller's Irrational Exuberance describing how bubbles have been removed from finance textbooks and PhD syllabi because they doesn't fit with the rational actor model. He has the following to say about the efficient market hypothesis: "one of the most remarkable errors in the history of economic thought". Or read Montier's Behavioural Investing: A Practitioners Guide to Applying Behavioural Finance (The Wiley Finance Series) (or his other books) for more evidence of imperfect markets. Or read Dreman's column in Forbes magazine.
6 of 8 found the following review helpful:
A great overviewMar 26, 2011
By Simon
For those looking for a brief overview of the market and the prevailing schools of thought in investment, "A Random Walk Down Wall Street" is the book for you. The book basically argues against heavy quantitative technical analysis and qualitative fundamental analysis for index and EFT trading. The book is entitle "A Random Walk...." because Malkiel believes that one simply cannot predict the future course of the market from past data. Consequently, he advises invests to employ long-term, passive strategies -- those of which are often supported by those who believe in a strongly efficient market. Malkiel corroborates that fundamental thesis with many historical examples, while fairly presenting both sides of the fundamental/technical analysis battle.
But most importantly for me, as for all beginners, this book is very easy to read. Now you can keep up with those who ostensibly know it all, and even insert a few infamous allusions with the best of them!
4 of 6 found the following review helpful:
Excellent read on the all types of investment ideasMar 12, 2011
By Ellen Williams
I have over 40 years of investment and financial experience. I was still able to get a lot of good information from this book for future
investments. Many of the suggestions in the book I have used and found them to be work very well in practice
See all 14 customer reviews on Amazon.com
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