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A Random Walk Down Wall Street (1973)

af Burton G. Malkiel

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MedlemmerAnmeldelserPopularitetGennemsnitlig vurderingOmtaler
2,730245,271 (4.05)12
"In a time of rampant misinformation about ways of growing your money, Burton G. Malkiel's gimmick-free investment guide is more necessary than ever. Whether you're considering your first 401k contribution or contemplating retirement, the fully updated, fiftieth anniversary edition of A Random Walk Down Wall Street remains the best investment guide money can buy. Drawing on his experience as an economist, financial adviser, and successful investor, Malkiel shows why an individual who saves consistently over time and buys a diversified set of index funds can achieve above-average investment results. He addresses current investment fads and critically analyzes cryptocurrencies, NFTs, and meme stocks. Malkiel reveals how to be a tax smart investor and how to make sense of recently popular investment management techniques, including factor investing, risk parity, and ESG portfolios. Investors of every age, experience level, and risk tolerance will find the step-by-step guidance they need to protect and grow their dollars"--… (mere)
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» Se også 12 omtaler

Viser 1-5 af 24 (næste | vis alle)
Although I don't agree with the author on Efficient Market Theory, the book itself is undoubtedly of great value as an intro to the world of investing. It lays out all the basics that one needs to know to get started in dealing with financial instruments. The book provides good overview of financial markets, history of bubbles, valuation methods; some academic insights to risk evaluation and portfolio management theories and contains indispensable amount of useful advices in the last part.
I'm happy to have picked and read this book. I believe it gave me confidence and basic knowledge in order to continue further on my journey to learning value investing. ( )
  AsimGasimzade | Apr 4, 2024 |
A sanity check on what investing is really about and where it differs from magic. Particularly fun and refreshing in its debunk of almost any known expert approach, and yet realistic about their relative value.

A must read for anyone before they invest... ( )
  yates9 | Feb 28, 2024 |
This is a text used in a class i am teaching. It is interesting, full of advice that sometimes conflicts. Good over view of the market and current Valuation theories. ( )
  rlxdoc | Oct 30, 2022 |
I happened to read this at the perfect timing when there are so much volatility and fireworks in the stock market.

It blends history, market theories/approaches, and biases when investing and offers actionable advice.

If I would have to choose one quote to summarize the book, it definitely would be this one:
A blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by experts.


Thus the random walk:

Random walk theory assumes the past movement or trend of a stock price or market cannot be used to predict its future movement. In short, random walk theory proclaims that stocks take a random and unpredictable path that makes all methods of predicting stock prices futile in the long run.


With this in mind, the author makes fun of fundamental/technical analysis. He advises to build a portfolio based on a person's age and risk tolerance and constantly rebalance it. The longer the time period over which you can hold on to your investments, the greater should be the share of common stocks in your portfolio. Invest in low-cost, tax-efficient, broad-based index funds if you do not want to get beaten by a blindfolded monkey. ( )
  Giedriusz | Oct 16, 2022 |
A Random Walk Down Wall Street gets its title from Malkiel's view that markets are mostly efficient and therefore stocks' prices take into account all available information and that their day to day movements are random and difficult if not impossible to predict. This leads him to an investing philosophy much like Vanguard group's Bogle (Malkiel is a trustee) which is to veer away from trying to pick individual stocks and to go with a low-cost index fund. But while Bogle very much limited his recommended choice to a few funds that represented the market, like the S&P 500 Index, and some bond index funds, Malkiel's investment portfolio is more expansive. He agrees that Bogle's choices should be a person's bedrock foundation, but also allows for other vehicles like Multi Factor Smart Beta, REITs, ETFs, and a few others. His book is no Little Book of Investing and therefore he has chapters on various historical and contemporary bubbles, theories of investing, asset management, and retirement planning, topics not covered in Bogle's book. At 300+ pages, it looks intimidating when you first flip through it, with multiple sections, chapters, tables, and graphs. But for the most part it is extremely plainly written for the lay investor and with a few exceptions here and there, pretty easy to follow. It's also actionable. While I did not go out and buy any new products after finishing it, I did review my asset allocation and determined that I may be too heavily invested in stocks for my age and I turned on my rebalancer. Much of your own decision making will come down to your particular risk tolerance - what Malkiel refers to as your risk to sleep index. If you can tolerate a lot of risk and not lose any sleep over what many feel is an inevitable drop, you may want to go all in on the current bull market even into retirement. ( )
  OccassionalRead | Nov 9, 2021 |
Viser 1-5 af 24 (næste | vis alle)
This is an investment classic: it offers an elementary exposition of financial theory, a potted history of stock market investment fads, and (at the risk of annoying my fund manager friends and fellow strategists) a profitable investment strategy to boot. It is also a good read.
 

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Burton G. Malkielprimær forfatteralle udgaverberegnet
Dalla Rosa, EnricoIntroduktionmedforfatternogle udgaverbekræftet
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"In a time of rampant misinformation about ways of growing your money, Burton G. Malkiel's gimmick-free investment guide is more necessary than ever. Whether you're considering your first 401k contribution or contemplating retirement, the fully updated, fiftieth anniversary edition of A Random Walk Down Wall Street remains the best investment guide money can buy. Drawing on his experience as an economist, financial adviser, and successful investor, Malkiel shows why an individual who saves consistently over time and buys a diversified set of index funds can achieve above-average investment results. He addresses current investment fads and critically analyzes cryptocurrencies, NFTs, and meme stocks. Malkiel reveals how to be a tax smart investor and how to make sense of recently popular investment management techniques, including factor investing, risk parity, and ESG portfolios. Investors of every age, experience level, and risk tolerance will find the step-by-step guidance they need to protect and grow their dollars"--

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