A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing
- Downloads：2603
- Type：Epub+TxT+PDF+Mobi
- Create Date：2021-05-10 10:53:23
- Update Date：2025-09-07
- Status：finish
- Author：Burton G. Malkiel
- ISBN：0393358380
- Environment：PC/Android/iPhone/iPad/Kindle
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Summary
Whether you’re considering your first 401k contribution， contemplating retirement， or anywhere in between， A Random Walk Down Wall Street is the best investment guide money can buy。 In this new edition， Burton G。 Malkiel shares authoritative insights spanning the full range of investment opportunities—including valuable new material on cryptocurrencies like bitcoin， and “tax-loss harvesting”—to help you chart a calm course through the turbulent waters of today’s financial markets。
Reviews
周 大為
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市場效率。指數化投資。分散投資。風險控管。
Ted Swanson
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Excellent book。 Down to earth explanations of investment strategies。 He covers all the options end to end， concepts and history of the market。 A great read for the average investors。
Apurva Parashar
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A must read for anyone who is interested in learning the basics of investment management。 This book has been around for over 45 years and the learnings are relevant even in today's ever changing investment & economic landscape。 A must read for anyone who is interested in learning the basics of investment management。 This book has been around for over 45 years and the learnings are relevant even in today's ever changing investment & economic landscape。 。。。more
Ugh
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Good at reinforcing that the sensible option is to devote the core of your portfolio to passive indexes。 But boring for the same reason。 Look， it could well be the only investment book a person ever needs to read， and if you're only borderline interested in this stuff， fine。 But personally I was a bit irritated with the short shrift given to active managers who have outperformed the market year after year after year。 Malkiel acknowledges that they exist， but he doesn't really want to talk about Good at reinforcing that the sensible option is to devote the core of your portfolio to passive indexes。 But boring for the same reason。 Look， it could well be the only investment book a person ever needs to read， and if you're only borderline interested in this stuff， fine。 But personally I was a bit irritated with the short shrift given to active managers who have outperformed the market year after year after year。 Malkiel acknowledges that they exist， but he doesn't really want to talk about them beyond saying he thinks they got lucky。 Well， maybe。 But when Warren Buffet， Peter Lynch， Terry Smith etc have all outperformed for more than a decade and explained how， for me that shouldn't be dismissed by saying they got lucky， or they're retired now so forget about them。 Well， maybe it should for people with only a passing interest， but not for those looking to outperform。 OK， go passive with your core。 But if you want tips on what to do with the rest， primarily look elsewhere。 Where this book is strong is on tips for a diversity of passive investing via different cheap funds， and on the importance of rebalancing between those funds fairly regularly。 It also has a fairly long explanation of different kinds of risk， but not one the average interested retail investor will find particularly useful。Oh， and some of the fine detail e。g。 on tax advice is very parochially American。 。。。more
Marlan
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This is a necessary book for anyone - if you are a novice， while some may be a bit much， you will obtain great advice; for those that are investors， it is certainly a good review， adds some knowledge， and you will enjoy it。 The only other book like this I'd recommend is Richard Young's "Financial Armadillo Strategy。" This is a necessary book for anyone - if you are a novice， while some may be a bit much， you will obtain great advice; for those that are investors， it is certainly a good review， adds some knowledge， and you will enjoy it。 The only other book like this I'd recommend is Richard Young's "Financial Armadillo Strategy。" 。。。more
emma
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my dad is making me read this。
Jessica
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I finished 40% of this book on audio and finally decided to cut my losses。 It's been on my list for years and I finally got to it and was disappointed。 It was longwinded and dry。 I suspect ultimately I may agree with his conclusion （own low-cost funds， buy， hold， and stop trying to beat the market）。 Went into far too much detail - at times I felt like I was being read information from tables。 I finished 40% of this book on audio and finally decided to cut my losses。 It's been on my list for years and I finally got to it and was disappointed。 It was longwinded and dry。 I suspect ultimately I may agree with his conclusion （own low-cost funds， buy， hold， and stop trying to beat the market）。 Went into far too much detail - at times I felt like I was being read information from tables。 。。。more
Oleg Nichita
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Great readA wonderful book， full of knowledge， graphics and data that make it so easy to understand。 A lot of inspiration and motivation for my retirement plan。
Sarah Lim
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A very informational read that also happens to be extremely entertaining。 4 instead of 5 stars because it spends way too much time detailing and dissing the different downfalls of technical analysis when I felt it should’ve spent more of that time giving them practical and applicable advice （which it does in the last 2/5ths of the book）。 If you want to save time， I think part four ‘a fitness manual for random walkers’ is the most useful part of the book
Cheng
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非常经典的书籍了，很多中文投资书籍都从这里汲取了不少营养。看完的收获就是，不要自己瞎折腾，老老实实投资指数基金。
Paul
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prima parte noiosa， la seconda e la terza sono wow
Stephen
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Excellent start to finish
Jorge Cimentada
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Overall message: have a diversified portfolio of stocks， bonds and other type of financial assets in an index fund。 There's some general discussion of why this works but if you're looking for long term wealth for retirement this is a passive， hassle free way of generating money through compound interests。 Good read but not an easy read if you know nothing of financial terms and stock market jargon。 Overall message: have a diversified portfolio of stocks， bonds and other type of financial assets in an index fund。 There's some general discussion of why this works but if you're looking for long term wealth for retirement this is a passive， hassle free way of generating money through compound interests。 Good read but not an easy read if you know nothing of financial terms and stock market jargon。 。。。more
Keven Wang
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More of a reference book for indexing。 Compare to John Bogles book。 I like it
Seth Hadenfeldt
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As someone new to business and the concepts of investment strategies， this was a pretty good read。 The author does a great job of making a clear and concise thesis statement， then unpacking the components surround said statement。 This book was not only an interesting read from a business fundamentals perspective， but also one in psychology。 I thought the author could have done a better job of abstracting some of the concepts and showing how they apply to areas outside of the world of business。
Rimas
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Ėmiausi šitos knygos nelabai ką nutuokdamas apie investavimą， bet tikėdamasis gauti solidžius investavimo meno pagrindus bei slaptą informaciją， kuri pavers mane multimilijardieriumi per kitus dvejus metus。 O， didysis naivume！ Tai ačiūdie， kad į rankas papuolė šita， o ne kokia kita knygą apie investavimą。 Nes per kitus dvejus metus， greičiausiai， būčiau pramėžęs visas savo santaupas， užstatęs šeimą， o tada išėjęs į pasaulį su vienu pirštu burnoj， kitu - užpakaly。 O dabar， štai， esu ramus， susivo Ėmiausi šitos knygos nelabai ką nutuokdamas apie investavimą， bet tikėdamasis gauti solidžius investavimo meno pagrindus bei slaptą informaciją， kuri pavers mane multimilijardieriumi per kitus dvejus metus。 O， didysis naivume！ Tai ačiūdie， kad į rankas papuolė šita， o ne kokia kita knygą apie investavimą。 Nes per kitus dvejus metus， greičiausiai， būčiau pramėžęs visas savo santaupas， užstatęs šeimą， o tada išėjęs į pasaulį su vienu pirštu burnoj， kitu - užpakaly。 O dabar， štai， esu ramus， susivokęs ir pasiruošęs imtis veiksmų， kurie mane senatvėje išgelbės nuo skurdo ir bado （kryžiuoju visus rankų ir kojų pirštus）。Tai dabar apie pačią knygą: labai geras teorinis pagrindas išsklaidantis iliuzijas apie milijardus iš investicijų per labai trumpą laiką。 Malkiel'is pateikia ir statistikos， ir akademinių tyrinėjimų， ir savo paties įžvalgų susiformavusių per ilgus darbo kaip investuotojas， fondų vadovas， konsultantas ir ekonomikos profesorius， metus。 Jo siūloma pasyvi ilgalaikė investavimo strategija į indeksų fondus knygoje priverčia visas kitas strategijas （kurios reikalauja daug laiko， žinių ir negarantuoja norimo rezultato） slėptis po lapais。 Dalis knygos skirta konkretiems patarimams kaip taupyti， į ką investuoti ir kaip diversifikuoti investicijas norint sumažinti rizikas。 Negaliu vertinti penkiais， nes patarimai skirti daugiausia JAV gyventojams， todėl kai kurie finansiniai instrumentai， investavimo mechanizmai arba taupymo metodai gali būti visiškai neaktualūs， tarkim， Lietuvai。 Visgi， pirmai stotelei knyga tikrai gera， padedanti nešvaistyti auksinių be reikalo į kairę ir dešinę。 。。。more
Geoffrey Youngblood
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Starts slow but it's worth your time i think。 He keeps everything pretty straight forward。 It's probably more for the casual investor and not the day traders。 Starts slow but it's worth your time i think。 He keeps everything pretty straight forward。 It's probably more for the casual investor and not the day traders。 。。。more
Andreas Larsson
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Well worth its spot in the investing/finance literature hall of fame。 A well-rounded overview of the 100-or-so years of investing history and the different schools and theories that dominate Wall Street。 DL;DR: Long-term investing in broad market， well-diversified， low-cost index funds are the best choice for most people， and have beaten pretty much everything else。
Catherine Li
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This is an very interesting book。 The take away message is that just find the low cost index fund such as total stock or s and p 500 to invest， try to take advantage of tax benefits as much as you can。 “You pay what you paid for。” In finance， it seems it’s true。 You do better than trusting others to actively manage your money。 There might be some opportunities even if the efficient market hypothesis is true， then take it as fast as you can。 The metaphors are interesting。 In the efficient market， This is an very interesting book。 The take away message is that just find the low cost index fund such as total stock or s and p 500 to invest， try to take advantage of tax benefits as much as you can。 “You pay what you paid for。” In finance， it seems it’s true。 You do better than trusting others to actively manage your money。 There might be some opportunities even if the efficient market hypothesis is true， then take it as fast as you can。 The metaphors are interesting。 In the efficient market， the finance professor saw a one-hundred dollar bill on the floor and couldn’t believe it’s true， because if it were true， somebody else would have taken it already。 Then the finance student saw it and took it。 It is indeed a one-hundred dollar bill！ The author also thinks that if you beat the market， 99 percent of the chance that it is out of luck。 Although I am not sure how much to take since I don’t have a lot of finance knowledge。 I am still pondering: Is it too pessimistic to believe there is a too slim of chance you can beat the market？ Or is it over optimistic or over confident to think you might beat the market？ Is it worth trying？ The book is definitely worthy of being listened to one more time。 And the question might only be answered when pen conduct some financial experiments oneself！ 。。。more
Ozkan Aksit
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5 yil sektor ongorusu var mi？ F/K？ Az islem yap ve hikayesi olan kagida bak。 Ne teknik ne temel analiz！ Yatirimi yasina ve karakterine gore yap。 Risk-getiri dengesini anlayabiliyor musun？
Bhuvana Chandra
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Quite disappointed after learning the harsh truth。😔😔
Asim Qasimzade
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Although I don't agree with the author on Efficient Market Theory， the book itself is undoubtedly of great value as an intro to the world of investing。 It lays out all the basics that one needs to know to get started in dealing with financial instruments。 The book provides good overview of financial markets， history of bubbles， valuation methods; some academic insights to risk evaluation and portfolio management theories and contains indispensable amount of useful advices in the last part。 I'm h Although I don't agree with the author on Efficient Market Theory， the book itself is undoubtedly of great value as an intro to the world of investing。 It lays out all the basics that one needs to know to get started in dealing with financial instruments。 The book provides good overview of financial markets， history of bubbles， valuation methods; some academic insights to risk evaluation and portfolio management theories and contains indispensable amount of useful advices in the last part。 I'm happy to have picked and read this book。 I believe it gave me confidence and basic knowledge in order to continue further on my journey to learning value investing。 。。。more
Chris Boutté
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This is one of the most recommended books on investing， and it took me a while to finally check it out。 I assumed that it was over-hyped， but I finally bought it after I read another book disagreeing with everything about the "random walk" idea。 Once I started reading this book， I was immediately hooked and realized why so many people love it。 The book discusses how markets work and why individual stock-picking usually isn't the best strategy。 It also covers various market theories and what the This is one of the most recommended books on investing， and it took me a while to finally check it out。 I assumed that it was over-hyped， but I finally bought it after I read another book disagreeing with everything about the "random walk" idea。 Once I started reading this book， I was immediately hooked and realized why so many people love it。 The book discusses how markets work and why individual stock-picking usually isn't the best strategy。 It also covers various market theories and what the research shows， but as a psychology nerd， I love how Malkiel dedicated a chapter to behavioral economics。 At the end of the book， Malkiel gives strategies for every type of investor even though he recommends some strategies over others。 Whether you're new to investing or have some experience， this is a great read。 。。。more
Can Arat
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Borsayı anlamak için herhalde çok iyi bir başucu kitabı。 Elbette örnekler， tavsiyeler， analizler hep amerika borsası üstünden genelde ama Türkiye de de doğru olabilecek pek çok tavsiye ve istatistik barındırıyor içinde。
Jun Sung Lee
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Possibly the best book I've encountered on investing。 The presence of random chance is a key theme in Ecclesiastes and Malkiel guides us into implementing a system in the modern economy in accordance with that wisest and wealthiest of men when he counseled “Divide your portion to seven， or even to eight， for you do not know what misfortune may occur on the earth。” （Ecclesiastes 11:2） Plus， how frequently does one encounter an author who can make this oft-dry subject so riveting？ Possibly the best book I've encountered on investing。 The presence of random chance is a key theme in Ecclesiastes and Malkiel guides us into implementing a system in the modern economy in accordance with that wisest and wealthiest of men when he counseled “Divide your portion to seven， or even to eight， for you do not know what misfortune may occur on the earth。” （Ecclesiastes 11:2） Plus， how frequently does one encounter an author who can make this oft-dry subject so riveting？ 。。。more
Ramakanth /RK
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A great book for beginners who are looking to invest and prepare for life。 The author mainly address investors who are going for long position。 If you are looking for day trading， this book is not for you。 The book talks in great deal about portfolio diversification and index funds。 Begins with the perils of bubbles and crazy speculations through out the history。 Covers all kinds of finance and stock market basics Like technical analysis， fundamental analysis， risk and rewards， insurance， future A great book for beginners who are looking to invest and prepare for life。 The author mainly address investors who are going for long position。 If you are looking for day trading， this book is not for you。 The book talks in great deal about portfolio diversification and index funds。 Begins with the perils of bubbles and crazy speculations through out the history。 Covers all kinds of finance and stock market basics Like technical analysis， fundamental analysis， risk and rewards， insurance， futures and options。 Behavioral finance chapter is my personal favourite。 This is a great read for everyone。 。。。more
Josef
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On the second time reading this book I realized this is my favorite investment book out of the hundreds I’ve read。 It thoroughly explains crucial investment concepts coherently while supporting those points with sound evidence。 While the concepts and terminology were by no means overly difficult to understand， the number of new ideas introduced may make this more suitable as an intermediate level investment book。
TrZaLu
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this story is actually good
Moran
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Great overview covering the essentials of investing strategies and financial markets。 It is amazing to think that this book was first published in 1973 and that the current version now covers topics such as Bitcoin and ETFs。 Its only downside is that it is too focused on the U。S economy。 Other than that I really enjoyed reading A Random Walk Down Wall Street。
Jennifer
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