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

by Burton G. Malkiel

To predict future directions, analysts generally start by looking at past wanderings. “A proven score of past performance in earnings growth is,” one analyst told me, “a most reliable indicator of future earnings growth.” If management is really skillful, there is no reason to think that it will lose its Midas touch in the future.

Oh the problemof induction

Financial forecasting appears to be a science that makes astrology look respectable.

Burn