Economist
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Economist · Writer

Burton G. Malkiel.

Burton G. Malkiel (born 1932) is an American economist and writer, best known for A Random Walk Down Wall Street, first published in 1973.

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Boston, Massachusetts, USA
Born
1932, Boston, Massachusetts, USA
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The Time-Tested Strategy for Successful Investing

A Random Walk Down Wall Street

Burton G. Malkiel

Cover of A Random Walk Down Wall Street

Personal finance · 1973

A Random Walk Down Wall Street

The Time-Tested Strategy for Successful Investing

A classic guide to investing, updated many times since 1973. Malkiel explains why it's so hard to beat the stock market, and why low-cost index funds are a sensible choice for most people.

Three big ideas

  1. Prices are hard to predictShort-term moves in share prices are close to random, so picking winners and timing the market rarely works for long.
  2. Most experts don't beat the marketOver time, most professionally managed funds do worse than a simple index of the whole market, after fees.
  3. Keep costs lowFees eat into returns year after year. Low-cost index funds keep more of the growth for you.
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