Title: A Random Walk Down Wall Street Pdf The Time-Tested Strategy for Successful Investing (12th Edition)
Author: Burton G. Malkiel
Published Date: 2019-02
Page: 432
“Do you want to do well in the stock market? Here’s the best advice. Scrape together a few bucks and buy Burton Malkiel’s book. Then take what’s left and put it in an index fund.” - Los Angeles Times“Imagine getting a week-long lesson on investing from someone with the common sense of Benjamin Franklin, the academic and institutional knowledge of Milton Friedman and the practical experience of Warren Buffett. That’s about what awaits you in the latest edition of this must-read by Burton Malkiel.” - Barron's“Not more than half a dozen really good books about investing have been written in the past fifty years. This one may well belong in the classics category.” - Forbes“If one of your New Year’s resolutions is to improve your personal finances, here’s a suggestion: Instead of picking up one of the scores of new works flooding into bookstores, reread an old one: A Random Walk Down Wall Street.” - New York Times“An engagingly written and wonderfully argued tome.” - Money“A useful introduction to investing with lots of common-sense advice.” - Wall Street Journal 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.
With the prevailing wisdom changing on an almost daily basis, Burton G. Malkiel’s reassuring and vastly informative volume remains the best investment guide money can buy.
In a time of increasing inequality, when high-frequency traders and hedge-fund managers seem to tower over the average investor, Burton G. Malkiel’s classic and gimmick-free investment guide is now more necessary than ever. Rather than tricks, what you’ll find here is a time-tested and thoroughly research-based strategy for your portfolio. Whether you’re considering your first 401k contribution or contemplating retirement, this fully-updated edition of A Random Walk Down Wall Street should be the first book on your reading list.
In A Random Walk Down Wall Street you’ll learn the basic terminology of "the Street" and how to navigate it with the help of a user-friendly, long-range investment strategy that really works. Drawing on his own varied experience as an economist, financial adviser, and successful investor, Malkiel shows why an individual who buys over time and holds a low-cost, internationally diversified index of securities is still likely to exceed the performance of portfolios carefully picked by professionals using sophisticated analytical techniques. In this new edition, Malkiel provides a brand-new section on the recent bubble in cryptocurrencies like Bitcoin, as well as valuable new material on “tax-loss harvesting”―the crown jewel of tax management. He also presents a critical analysis of two recently popular investment-management techniques: factor investing and risk parity.
On top of all this, the book’s classic lifecycle guide to investing, which tailors strategies to investors of any age, will help you plan confidently for the future. You’ll learn how to analyze the potential returns, not only for basic stocks and bonds but for the full range of investment opportunities―from money market accounts and real estate investment trusts to insurance, home ownership, and tangible assets like gold and collectibles. Individual investors of every level of experience and risk tolerance will find throughout the book the critical facts and step-by-step guidance they need to protect and grow their hard-earned dollars.
Eye-opening book I read this book years ago, in an earlier edition. It was a eye-opener. It taught me how the stock market works and showed me the best strategy for an ordinary investor to accumulate a retirement nest egg. After reading Malkiel, I "fired" my investment advisor and switched my savings mostly to inexpensive index funds. As a result, I started keeping more of my money and worrying less about what the market was doing on any given day. I'm now on the verge of retirement, and thanks to the advice of Malkiel (and other like-minded personal finance writers, such as John Bogle, Charles Ellis, and Daniel Solin), I've accumulated enough savings to take the plunge. I only wish I'd come across this book sooner.Beware of the Paradox So, here is the thing. If you’re looking into this book, it is because you’re probably interested in managing your own money. Also, because this is a very basic book, you are probably on the early stages of your investing education. Which means you still have a lot to learn from the theory and, especially, from the practice. Now, because you still have a lot to learn from the practice, you will probably be making most of the mistakes this book warns against. Hence the paradox.So, you are starting your journey here, attempting to formalize what until now it’s only been an intuitive understanding (if that). After finishing this book, you feel good about it, confident that you can do this. So, you then delve into Value Investing, in an attempt to use some fundamental analysis to pick a group of stocks that make up a portfolio that is stronger than the S&P. You soon realize that this is not that easy, as there are too many variables to take into account and then, even if your fundamental analysis is correct, the market for some reason does not validate your views. You feel tired, but not enough to give up. After all, this is really cool stuff and makes you sound smart at social gatherings. So, you decide to change your approach. You still feel like it is possible to create a basket of stocks that can beat the market. You see names like Amazon, Netflix, Nvidia, and think you can easily get on a sweet ride by investing in those market leaders. You do well. But you think you can do better. Because the market decided to take a break with Netflix, your results are not as great as you thought they would be. In the meantime, you’ve been reading Peter Lynch, learned about those 10 baggers, and started looking around you for those places where you usually shop at. You love going to Shake Shack. So you look up its stock symbol and realize it had a tremendous run since its IPO. At a family meeting, you hear your fresh-out-of-college nephew talk about how much he likes his job as a data scientist at Hello Fresh, where they use an incredible tool called Tableau. So, you decide to invest in all of these companies. Initially, you do well in Shake Shack. But then the market decides it had a very long run and it’s time to take some profits off the table. So, you end up with average results. Tableau does great and you keep hearing good things about it. Then it tumbles 50% overnight on disappointing earnings. Hello Fresh has an amazing business model but for some reason the stock has been trading in ranges for ever.Now, a year has gone by and you realize you got the same results the index had. Except that you spent all that time and money trying to build and maintain your portfolio when you could have easily bought and held the SPY. Even worse, you now have to pay taxes on all those trades that you exited just so you could feel good by pocketing some profits.Well, my friend, those are the type of lessons this book tries to teach. The problem is that you will not listen at first and will eventually learn the hard way, just to end up here again (probably re-reading this review). But that’s good. You learned your lesson and are wiser now. Good luck!My mind is blown I read quite a few books 10 to 15 on investing in about a month time frame 300 plus pages each. Years of reading articles online and in magazines. And a few bad experiences in The stock market and a few good ones. I even read the intelligent investor, and security analysis among other great books. I recently decided I needed to take investing more seriously and decided to finally read this book. I bought the Kindle edition since I'm overseas, but after reading this I'm buying a hard copy as well. This blows every other book I've read on the topic of investing away. I was allready a strong believer in indexing as it was after this my mind expanded and there is so much to gain from this book. If you care about yourself, and your families future buy this book. Words do it no justice. With that said the material can at times be a little dry. The first few chapters are a bit interesting at times but boring as can get most of the time. Great knowledge but boring knowledge. The rest of the book is great especially the views of the author on bonds and the various investment strategies that people have e used in the past. My only critiques are on the part about futures or derivatives, as well as Treasury bills. I've had bad experiences dealing with the Treasury and I don't trust them so this portion although small annoyed me I just had no interest in reading it. The futures/ derivatives last portion of the book just didn't appeal to me. I had no interest in these types of investments and after reading about them in more detail have even less Interest In them. The portfolio diversification suggestions could have been more detailed. Otherwise great book, I will be reading a few other books just to get different views or strategies.
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