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A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing

Burton G. Malkiel

4.12 · Rating details · 31,272 ratings · 1,331 reviews

Today’s stock market is not for the faint of heart. At a time of frightening volatility, what is the average investor to do?

The answer: turn to Burton G. Malkiel’s advice in his reassuring, authoritative, gimmick-free, and perennially best-selling guide to investing. Long established as the first book to purchase before starting a portfolio or 401(k), A Random Walk Down Wa ...more

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ebook, 432 pages

Published January 1st 2019 by W. W. Norton Company (first published April 1st 1973)

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Apr 15, 2012 Jack rated it did not like it · review of another edition

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 lo 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.

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. ...more

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Sep 07, 2016 Luca Ambrosino rated it liked it · review of another edition

English (A Random Walk Down Wall Street) / Italiano

A challenging walk around Wall Street, in different time periods that affected the American economy and consequently the World, in order to provide us the necessary elements to understand the main investment rules applied on the stock exchange. Burton G. Malkiel describes with clear examples the differences between audacious investment strategies, designed to quickly profit, and more prudent strategies that aim to increase profits in longer time

...more

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Apr 30, 2021 emma marked it as to-read · review of another edition

Shelves: nonfiction, owned, non-ya, tbr-owned

my dad is making me read this.

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Oct 16, 2014 Roy Lotz rated it really liked it · review of another edition

Shelves: dismal-science, help-me-help-myself

Because I read so often, I sometimes think that once in a while I should read something that might materially benefit me. So when my brother gave me this book, I thought "why not?" and dove in.

The first thing I noticed is that Malkiel is a surprisingly gifted writer. He is capable of telling a good story, he's cultured enough to make interesting references, and he has that quintessential skill of all popular writers: the ability to present ideas clearly without dumbing them down. For someone in Because I read so often, I sometimes think that once in a while I should read something that might materially benefit me. So when my brother gave me this book, I thought "why not?" and dove in.

The first thing I noticed is that Malkiel is a surprisingly gifted writer. He is capable of telling a good story, he's cultured enough to make interesting references, and he has that quintessential skill of all popular writers: the ability to present ideas clearly without dumbing them down. For someone in my position—who managed to get this far in life while remaining astoundingly ignorant of these matters—I can't imagine a better introduction into the world of finance. Malkiel gives you a little history, a little theory, and a lot of practical advice.

Given that I am, as aforesaid, a neophyte, I cannot give an intelligent appraisal of this book. That being said, Malkiel did manage to be very convincing. He presents anecdotal, theoretical, historical, and statistical reasons to adopt his strategies; indeed, he goes to such pains to prove his point, that it's hard not to agree with him. Of course, any person who trades actively will probably find a lot to disagree with. Particularly contentious is Malkiel's championing of the Efficient-Market Theory (EMT). As my father said to me last night, "That's crazy; the market isn't efficient—it's all mob psychology!"

Malkiel does give mob psychology its due. He devotes an entire chapter to behavioral finance, and covers some of the innumerable foibles of our race when it comes to making rational decisions. In fact, it was Malkiel's effort to give the opposing views their due (minus the analysts, whom he ridicules mercilessly) which made him so convincing for me. For he is not simply an intractable proponent of EMT, heedless of all the contrary evidence.

His position is more subtle: first, he holds that markets, even if they're inefficient in the short run, trend towards efficiency in the long run; second, he points out that, even if a stock might be mispriced, the financial tools available for determining if and to what extent it is mispriced are often inaccurate; and third, he points to the many practical impediments to cashing in on market inefficiencies, such as transaction fees and capital gains taxes.

Of course, I doubt this book is the whole story; after all, I personally know people who made considerable money on the stock market using diametrically opposed strategies. And for a book on something which has frustrated some of the best and brightest minds, Malkiel comes across as astoundingly cocksure. So I cannot say that I am an acolyte. On the other hand, the core of Malkiel's advice—to invest in a diversified index fund, and hold onto it for a long time—strikes me as sensible (especially for someone as financially ignorant as am I). It also has a certain lazy charm. And how often do self-help books give their imprimatur to laziness? ...more

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Jan 01, 2008 Todd N rated it it was amazing · review of another edition

Shelves: finance

From talking to friends and reading an internal financial mailing list at work I got the vague impression that this book was somehow too esoteric or controversial to bother with. I am very glad that I decided to read this book.

It's hard to work in Silicon Valley without being affected by Wall Street. When I started working I was interested in technology, not business and finance. Business and finance seemed a bit beneath me. (Actually, technology seemed a bit beneath me too. I was kind of a snot ...more

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Jun 12, 2011 C rated it liked it · review of another edition

Recommends it for: investors

Shelves: non-fiction, finance

Investors are bound to have heard about this classic and it’s author, economist Burton Malkiel. In this book, he explains that the market is highly efficient, and no one can accurately predict its ups and downs; it’s a “random walk”. So, the best approach is passive, “buy and hold” investing using diversified index funds held long term. I recommend this book to investors of any level, especially those attracted to active, speculative investing.

The book begins with a fairly boring recount of seve ...more

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Aug 01, 2016 Sue rated it really liked it · review of another edition

We live in an age when most people have to control their own retirement destiny by making decisions about 401(k), 403(b), and IRAs. Even people with the most modest incomes are encouraged to confront that reality.

Malkiel’s approach is excellent for most of us who are not into stock analysis. He gets high marks for a couple of things: (1) He proposed a market index fund before such a thing even existed. (2) He has revised his book eleven times. In other words he has some street cred. Wall Street We live in an age when most people have to control their own retirement destiny by making decisions about 401(k), 403(b), and IRAs. Even people with the most modest incomes are encouraged to confront that reality.

Malkiel’s approach is excellent for most of us who are not into stock analysis. He gets high marks for a couple of things: (1) He proposed a market index fund before such a thing even existed. (2) He has revised his book eleven times. In other words he has some street cred. Wall Street cred. I read this because Jack Bogle (of Vanguard fame) recommends it as the best book to read on the subject of investment. And the real point of reading it – I wanted to see what Malkiel’s update had to say about my retirement funds in the current economic environment.

At times I wondered who Malkiel was directing the book at. Some of his advice is remarkably simplistic, the kind of advice only a newbie would need. (Buy a house. Keep cash in an emergency fund.) But then section three is wonky, and he could not resist digging into the research that informs his decisions. For two-thirds of the book, I found this dichotomy annoying. Economists may like section three, but they won’t much care about section four, when the hand-holding begins.

You may or may not care about the arguments over “efficient markets.” Malkiel is generally a believer but acknowledges dissenting views. Read it or not. If you’re here because you are looking for a rationale for a portfolio – one you can manage yourself – hang in there and read on.

Essentially, his advice is classic for our times: build a diversified portfolio of index funds (some small caps, large caps, international, emerging economies, REITs, and bonds). If possible, start early and keep as much as you can in tax-sheltered accounts. He does not recommend buying a stock index fund and nothing else. The comments on diversifying are important.

Not a radical approach. He does feel that in the middle of this decade we live in an environment that is not likely to offer large returns. So his asset allocation recommendations are the meat of his 2015 advice. Many readers may want to zoom right in on those later chapters. He has comments on the amount of risk appropriate to various situations.

You won’t get rich quick following his advice, but you probably knew that. But you’ll probably face retirement with a tidy sum and a stable financial life.
...more

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Aug 28, 2020 Brice Karickhoff rated it really liked it · review of another edition

Shelves: 2020

Read in case I ever get an interview for a job in finance. How do I post goodreads updates on my LinkedIn?

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Nov 22, 2014 Kit Pang rated it really liked it · review of another edition

Great theories to learn!I can see why this became a classic for investors.

-The Firm-Foundation Theory(Fundamental Analysis)
-The Castle-in-the-Air Theory (Technical Analysis)

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Mar 31, 2009 Scott rated it it was amazing · review of another edition

Shelves: 2000s, money

Malkiel's been writing and rewriting this classic tome on investing for the last thirty-five years. I gave him 5 stars for being fully engaged in the process of revision. Sometimes I wish all authors would write (and rewrite) just one good book (and that actors would star in only one movie). But that's like asking investors to put their money in just a few low-cost funds and hold it there for decades ... hey, that's what Malkiel's talking about! So it's not the most exciting approach to investin Malkiel's been writing and rewriting this classic tome on investing for the last thirty-five years. I gave him 5 stars for being fully engaged in the process of revision. Sometimes I wish all authors would write (and rewrite) just one good book (and that actors would star in only one movie). But that's like asking investors to put their money in just a few low-cost funds and hold it there for decades ... hey, that's what Malkiel's talking about! So it's not the most exciting approach to investing; but it will, in the long run, turn out to be the most rewarding.

This newly rewritten version of Malkiel's classic Random Walk ... (first published in 1973 but essentially rewritten at least four or five times since) argues that the best way to make money on Wall Street is to build a diversified portfolio of index funds (some small caps, large caps, emerging economies, REITs, and bonds) and hold on to them for a long, long time in a tax advantaged account. He advises you how to adjust your asset allocation according to your age or point in life, and he even allows you to pick a few stocks for minor investments just for fun and to help you stay interested in the market.

Preliminary chapters recount bubbles past (where would historical economics be without 17th-century Holland's fascination with tulips?). The middle sections debunk dubious investment strategies based in everything from hemlines to super bowls and stresses the importance of sheer, random luck in choosing profitable stocks. Part Three looks at modern investment theories (if you don't have a background in economics, you might want to skim some of this part). The final section details Malkiel's guide to personal finance and investing.

If you are curious about how men and women have invested their money over the past 500 years, or how common investment strategies work (and don't work in the long run), or how to make the most of your investments over decades, Malkiel's Random Walk ... will prove to be an engaging, even entertaining read that like most classics can hold up to many re-readings. You certainly won't get rich quick following Malkiel's advice, but you probably will find yourself in a fairly stable financial state in twenty or thirty years. ...more

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Sep 18, 2014 Jerry Kaczmarowski rated it it was amazing · review of another edition

This is probably the best book ever written on the investment side of personal finances. It goes into extensive detail as to why you should strongly consider index funds or ETFs rather than mutual funds, individual stocks, or help from a personal financial adviser. All 3 of these last alternatives come with a load in terms of either your time or money (or both).

First, Mutual funds are managed and rarely outperform the market. For this lack of performance, you get to give away a percentage each ...more

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Jan 27, 2016 Vincent Li rated it liked it · review of another edition

A pretty good read for what it's worth. A good primer into basic finance. Personally, it was a good review of finance 101, with a pretty solid explanation of modern portfolio theory, and CAPM. Book seems timely, updated to include a large section on speculative bubbles, and even includes a chapter on behavioral economics. Includes a brief section on the 2008 financial crisis (kind of the standard narrative). It discusses the two competing views of stock prices, which is basically the fundamental ...more

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May 30, 2019 Martin rated it it was amazing · review of another edition

An absolutely amazing book going through the essentials of investing and the financial market. There is so much useful information digested for the common folk which I have been looking for in various other titles without success. The author occasionally exaggerates and gives extreme examples to put emphasis on his points which can be a bit annoying at times. I also regret reading a quite old version of the book which has been published right before the economic crisis of 2008. I would say its a ...more

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Dec 23, 2020 Clémentine rated it really liked it · review of another edition

Conclusion : Index funds are underrated.

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Jul 07, 2020 Arnav Agrawal rated it really liked it · review of another edition

This is a gem of a book. I can whole heartedly recommend this to anyone thinking of venturing into financial markets. It assumes very little and gives a brief glimpse of how financial markets work.

You won’t turn into an overnight millionaire by reading this, but the advise here is pretty sound for growing your pot over time.

It ventures into the history of how people have played the game, fundamental analysis, technical analysis and modern portfolio theory.

You might be tempted to skip to the en ...more

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Aug 31, 2021 Jade Melody rated it did not like it · review of another edition

Shelves: nonfiction, for-school, 2021-reads, economics, history, self-help

thank god it's finally over...

yay another book i'll have to read cover to cover for school... ...more

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Jan 02, 2012 Paul DeBusschere rated it did not like it · review of another edition

Malkiel's book is just a repackaged version of the same garbage investment firms have fed to the public for years. If the last decade-plus has proved anything, it's that one cannot expect to succeed as an investor by placing your investments on auto-pilot. Following Malkiel's strategy of buying and holding index funds (and not reacting to market conditions), an investor would have reaped negative returns when inflation is factored in.

I've read more than a few books on investing and trading. Malk ...more

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Feb 25, 2015 Ami Iida rated it it was amazing · review of another edition

Recommends it for: interested in finance

Shelves: finance

It is one of the book that gave the most influence in my life.

I apply that approach the (index funds) to the Nikkei Stock Average and the Dow Jones industrial average stock price.

I have already read the book several times by overlapping edition.

I carry out the index funds .
Periodically I buy it
Practice is important!!!!!!!!!!!!!!!!!!!
---------- it probability distribution manner to distribute the investment in each month
This is the right decision.
the book is worthy of reading repeat and then You ...more

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Mar 01, 2017 Saeed rated it it was amazing · review of another edition

Shelves: favorites, road-to-wealth

Thank you, Burton, for writing this masterpiece. I always have fear of reading this book because I thought it would be a tough one to read but now I am saying that this book is easy reading with much fun and I am very appreciated for Malkiel's great style of writing.

Great lifetime investing advice, fabulous wisdom and a complete book for Americans but As an Iranian person, I am saying It helped me to think sharp and by every piece of my heart I am saying that I am owing you, Burton G. Malkiel : ...more

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Jul 16, 2012 Gwern rated it liked it · review of another edition

Moved to gwern.net. ...more

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Sep 30, 2021 Yousif Al Zeera rated it really liked it · review of another edition

Shelves: finance

Recommended, packed with informative insights.

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Mar 22, 2009 Toe rated it really liked it · review of another edition

Shelves: nonfiction

Burton Malkiel's "A Random Walk Down Wall Street" is the book that popularized passive investing. As a Princeton professor and board member of the Vanguard Group, Malkiel brought the practical implications of the efficient market hypothesis to the general investing public. The ideas in this book are now so ubiquitously accepted, that I actually learned very little new information. However, I am pleased to have experienced the original source of this powerfully simple yet effective investment phi ...more

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Feb 06, 2021 Dan rated it liked it · review of another edition

I read this book in the ‘90s. It has some good solid advice about the importance of diversification and the problems with timing market investments.

3 stars. 4 stars for the advice but certainly a dry subject.

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May 30, 2021 David Laing added it · review of another edition

Overall, great book. I recommend it. My only complaint is that I don't think Malkiel takes his own argument seriously enough. He gives all this evidence that for most investors—certainly for all non-professionals—active investing is a waste of time. But then he's like, "I know that passive investing is too boring for most of you, so here are some strategies you can use to pick stocks." Huh?? ...more

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Jan 15, 2021 Machaia rated it liked it · review of another edition

I’ve been wanting to gain more understanding of investing and the stock market, and this book was a good place to start. I utilized the 2012 book (cause that’s what the library had), and while I would have preferred the most recent addition, it was still very useful. My biggest critique was that Malkiel sometimes forgot who his audience was supposed to be. There were times the author explained things very well and with the thought that this book is meant for newbies in the world of finance. Unfo ...more

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May 14, 2018 Amr Khaled rated it did not like it · review of another edition

Shelves: economics-investment

Very tedious.
Annoyingly pretentious.
Absurdly uncalled for.

Just when the books starts to have something going for it, it immediately back pedals & delves into another story from history. And although I normally enjoy these stories for the wisdom they have, the writer is extremely talented in removing anything resembling interest in his tales.
I could swear I had previously read half a dozen of those stories in other books or articles & they sounded very intriguing when I read them there, but in th ...more

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Aug 10, 2016 Leonard rated it really liked it · review of another edition

Shelves: finance-investing

A common sense approach to investing. No hypes.

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Jul 12, 2017 Dorotea rated it liked it · review of another edition

Shelves: read-in-english, audiobook

Solid, basic, advice.

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Jun 10, 2018 Thijs Niks rated it it was ok · review of another edition

Ok overview of why active investing doesn’t work. Mediocre overview of why passive investing works.

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Dec 06, 2021 wv rated it it was amazing · review of another edition

I read pretty much the entire book on a train on the way to work so that attests to the digestibility of Malkiel's writing. And digestible it must be because all 400ish pages are meant to help the common investor by dispensing one solid adage, perhaps the only one that's withstood every crash and turmoil: you cannot beat the market consistently.

A. The market is dumb, but you're not any smarter
The book starts off with a history of financial crashes and market irrationality ever since the concept I read pretty much the entire book on a train on the way to work so that attests to the digestibility of Malkiel's writing. And digestible it must be because all 400ish pages are meant to help the common investor by dispensing one solid adage, perhaps the only one that's withstood every crash and turmoil: you cannot beat the market consistently.

A. The market is dumb, but you're not any smarter
The book starts off with a history of financial crashes and market irrationality ever since the concept of equity existed. Malkiel concludes that markets are not always or even usually correct, but no one individual or institution knows more than the market. Malkiel insists that markets are ultimately efficient, the only question being how long it takes for the financial laws of gravity to take effect. But personally what's perhaps a more apt description is that markets have been and always will be batshit crazy, and the only way you can outsmart it is through luck. So as common investors we ought to just rely on the gradual upward tendency of the market as a whole rather than pick individual stocks or attempt the daredevil act of timing the market.

B. Neither are the pros
At least we can find solace in the fact that its not just the everyday investor that fails, but even the supposed "smart money" fails with us as well despite their arithmetic sorcery and academic gymnastics. Malkiel lists a hosts of methods -- including one predicting markets based off the skirt length of women in that era -- and derives the same conclusion: you cannot beat the market consistently. This part also serves as a warning against trusting the words of affable salesmen and enticing fund managers who largely do no better than the s&p index over the long run.

But to be honest this large section (in fact, 2 parts) dedicated to finance might very well fly over the heads of the average reader. Especially towards the end about smart beta I got really lost and honestly couldn't be bothered to parse through it.

C. But you can still make money
In the final part Malkiel actually provides specific advice on managing your personal portfolio according to your risk appetite and tolerance (varying with age). He introduces various types of investment instruments along with their riskiness, then gives practical steps on portfolio allocation, dollar cost averaging, rebalancing, etc. for a guaranteed return by retirement (unless of course the capitalist institution collapses). Honestly, if you're not into finance and are just looking to retire comfortably, this is really the only part of the book you need to read -- and really should read. ...more

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