A Random Walk Down Wall Street | A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing
A Random Walk Down Wall Street, written by Burton Gordon Malkiel, a Princeton University economist, is a book on the subject of stock markets which ...ARandomWalkDownWallStreetFromWikipedia,thefreeencyclopediaJumptonavigationJumptosearch1973bookbyBurtonMalkielARandomWalkDownWallStreetAuthorBurtonMalkielCountryUnitedStatesLanguageEnglishGenreNon-fictionPublisherW.W.Norton&Company,Inc.Publicationdate1973Pages456pp.ISBN0-393-06245-7OCLC72798896DeweyDecimal332.622LC ClassHG4521.M2842007ARandomWalkDownWallStreet,writtenbyBurtonGordonMalkiel,aPrincetonUniversityeconomist,isabookonthesubjectofstockmarketswhichpopularizedtherandomwalkhypothesis.Malkielarguesthatassetpricestypicallyexhibitsignsofarandomwalkandthatonecannotconsistentlyoutperformmarketaverages.Thebookisfrequentlycitedbythoseinfavoroftheefficient-markethypothesis.Asof2020,therehavebeentwelveeditionsandover1.5millioncopiessold.[1]ApracticalpopularizationisTheRandomWalkGuidetoInvesting:TenRulesforFinancialSuccess.[2]Investingtechniques[edit]Malkielexaminessomepopularinvestingtechniques,includingtechnicalanalysisandfundamentalanalysis,inlightofacademicresearchstudiesofthesemethods.Throughdetailedanalysis,henotessignificantflawsinbothtechniques,concludingthat,formostinvestors,followingthesemethodswillproduceinferiorresultscomparedtopassivestrategies.Malkielhasasimilarcritiqueformethodsofselectingactivelymanagedmutualfundsbaseduponpastperformances.Hecitesstudiesindicatingthatactivelymanagedmutualfundsvarygreatlyintheirsuccessratesoverthelongterm,oftenunderperforminginyearsfollowingtheirsuccesses,therebyregressingtowardthemean.Malkielsuggeststhatgiventhedistributionoffundperformances,itisstatisticallyunlikelythatanaverageinvestorwouldhappentoselectthosefewmutualfundswhichwilloutperformtheirbenchmarkindexoverthelongterm.Seealso[edit]CommonSenseonMutualFunds,byJohnC.BogleReferences[edit]^BurtonMalkiel(2011)ArandomwalkdownWallStreet:thetime-testedstrategyforsuccessfulinvesting^Hardback:ISBN 978-0-393-05854-3,Paperback:I
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