In a time of market volatility and economic uncertainty, 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 401(k) contribution or contemplating retirement, this fully updated edition of A Random Walk Down Wall Street should be the first book on your wish 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, despite recent advice to the contrary from so-called experts in the wake of the financial crisis, 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 has provided valuable new material throughout the book on exchange-traded funds and investment opportunities in emerging markets, and in a brand-new, timely chapter, Malkiel authoritatively assesses the pitfalls and prospects of the latest investing trend, "smart beta". On top of all this, the book's classic life-cycle 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.
©2015 W.W. Norton & Company Inc. (P)2015 Recorded Books
Extremely helpful - great fundamentals - a must listen!!!
Basics 101-diversify, rebalance, index and stay the course
This has to be the best conservative investment book! I think it rivals the intelligent investor.
But its so much more covering topics such as The Dutch Tulip Bubble of 1637, .Com Bubble, Housing Bubble, Ponzi Schemes, Economics, Technical Trading / Chart Patters(from a skeptics point of view), Fundamental Trading, Market Trends, Beta, Smart Beta, Analyst, and then wrapping up with an excellent section on personal finance.
The narrator is perfect and I probably laughed out load more then most due to the humorous sarcasm that you find in sections of this book. If I could give it a sixth star rating I would!
I learned a lot about the history of investing, corruption, and so much more. I love how the author talks about so many different strategies and how none of them are as effective as a buy and hold strategy. A lot of other books just give vague/general advice, but this book recommends actual index funds that work. I learned all of this and so much more. I have read about 7 investing books so far and this has been the best.
It felt like I had a wise father sitting in my car teaching me the ropes of investing. Lots of advice backed up by academic research and historical facts. It should be one's first book on investing.
I am embarrassed to admit that I was a fairly ignorant investor as I blindly on a monthly basis put my money into a 401k . I had no idea what the money was invested in. With this book I was able to decipher what was before unintelligible and understand where my money was going. As it turns out the index fund is based on an appropriate lifecycle and also developed mkts which is good. I now have more confidence to take small portion of a cash and buy other index funds that are not represented in my portfolio like Reits developing mkts, etc. I have even picked a stick or two. The only reason that I did not give the book a 5 is that at times he can become very quantitative and numerical which is difficult to follow in an audiobook. Finally, the narrator was outstanding as he lent the right amount of gravitas mixed with good humor to the narration. Well worth your credit.
Good basic info on the stock market.
-What works and what doesn't.
-What works are index funds for the long run, and short term momentum, daily momentum. and buying quality stocks with earnings.
-Other strategies like a host of different technical analysis can be profitable, but are eaten up by transaction costs and taxes( short term capital gains ). In other words, and index fund is the least risk highest return for anyone, except those who can spend significant hours daily to cracking stocks.
-Markets are not 100% efficient. As if that needed to be proven.
-Also, this version adds info on the physiology of crowds.
-For most people a fund like Vanguard's Total Market Index would give you the best returns with the least risk, and the least expense ratio. With their lower expense ratio, Vanguard funds essentially add another 1% to your returns, compared to other funds.
-Other interesting information, like why are some stock funds "overvalued". There are logical reasons. Growth rate of the company, low interest rates move more money into stock funds, etc...
Yes, this is a very good reading voice, especially for this material.
Well, yes, but that's not really possible, to many big financial ideas.
Everyone knows the Tulip bulb crash as one of the first market bubble/crash examples, but, it started with Edition 1 of this book.
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