A Random Walk Down Wall Street
Burton Malkiel argues that stock prices follow a random walk, making consistent market-beating through technical or fundamental analysis nearly impossible after fees. He methodically debunks charting patterns, hot fund managers, and new-era thinking across multiple market bubbles. The book's enduring conclusion — buy low-cost index funds — helped launch the passive investing revolution.
The original case for index investing. Now in its 13th edition; the foundational text behind every Vanguard fund flow since.
Tagged beginner in the Ledge Reads catalog: written to be readable without prior investing background.
What it covers
- Efficient Market Hypothesis
- Random Walk
- Index Funds
- Passive Investing
- Technical Analysis Critique
- Market Bubbles
- Asset Allocation
- Lifecycle Investing
- Cost Minimization
- Burton Malkiel
Where Oxford Ledge teaches these ideas
Concepts this book covers appear in these LEARN modules:
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ISBN-10: 0393330338
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