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A random walk down Wall Street : the time-tested strategy for successful investing

Author: Burton Gordon Malkiel
Publisher: New York : W.W. Norton and Company, 2016.
Edition/Format:   Print book : English : Eleventh editionView all editions and formats
Summary:
Newly revised and updated with information on exchange-traded funds and investment opportunities in emerging markets, a trusted investment guide is filled with core insights and expert advice on stocks, bonds, money markets, real estate investment trusts, home ownership and more. --Publisher's description.
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Document Type: Book
All Authors / Contributors: Burton Gordon Malkiel
ISBN: 9780393352245 0393352242
OCLC Number: 951153646
Notes: This edition originally published: 2015.
Includes index.
Description: 1 volume : illustrations
Contents: I. Stocks and their value. 1. Firm foundations and castles in the air. What is a random walk? --
Investing as a way of life today --
Investing in theory --
The firm-foundation theory --
The castle-in-the-air theory --
How the random walk is to be conducted --
2. The madness of crowds. The tulip-bulb craze --
The South Sea bubble --
Wall Street lays an egg --
An afterword --
3. Speculative bubbles from the sixties into the nineties. The sanity of institutions ; The soaring sixties --
The nifty fifty --
The roaring eighties --
What does it all mean? --
4. The explosive bubbles of the early 2000s. The Internet bubble --
The U.S. housing bubble and crash of the early 2000s --
Bubbles and economic activity --
II. How the pros play the biggest game in town. 5. Technical and fundamental analysis. Technical versus fundamental analysis --
What can charts tell you? --
The rationale for the charting method --
Why might charting fail to work? --
From chartist to technician --
The technique of fundamental analysis --
Three important caveats --
Why might fundamental analysis fail to work? --
Using fundamental and technical analysis together --
6. Technical analysis and the random-walk theory. Holes in their shoes and ambiguity in their forecasts --
Is there momentum in the stock market? --
Just what exactly is a random walk? --
Some more elaborate technical systems --
A gaggle of other technical theories to help you lose money --
Why are technicians still hired? --
Appraising the counterattack --
Implications for investers --
7. How good is fundamental analysis? The efficient-market hypothesis. The views from Wall Street and academia --
Are security analysts fundamentally clairvoyant? --
Why the crystal ball is clouded --
Do security analysts pick winners? The performance of the mutual funds --
The semi-strong and strong forms of the efficient-market hypothesis (EMH) --
III. The new investment technology. 8. A new walking shoe : modern portfolio theory. The role of risk --
Defining risk : the dispersion of returns --
Documenting risk : a long-run study --
Reducing risk : modern portfolio theory (MPT) --
Diversification in practice --
9. Reaping reward by increasing risk. Beta and systematic risk --
The capital-asset pricing model (CAPM) --
Let's look at the record --
An appraisal of the evidence --
The quant quest for better measures of risk : arbitrage pricing theory --
The Fama-French three-factor model --
A summing up --
10. Behavioral finance. The irrational behavior of individual investors --
Behavioral finance and savings --
The limits to arbitrage --
What are the lessons for investors from behavioral finance? --
Does behavioral finance teach ways to beat the market? --
11. Is "smart beta" really smart? What is "smart beta"? --
Four tasty flavors : their pros and cons --
"Smart beta" funds flunk the risk test --
How well have factor tilts worked in practice? --
Blended hybrid strategies --
Other factor tilts --
Implications for investors --
Implications for believers in efficient markets --
Capitalization-weighted indexing remains at the top of the class --
IV. A practical guide for random walkers and other investors. 12. A fitness manual for random walkers and other investors. Exercise 1. Gather the necessary supplies --
Exercise 2. Don't be caught empty-handed : cover yourself with cash reserves and insurance --
Exercise 3. Be competitive : let the yield on your cash reserve keep pace with inflation --
Exercise 4. Learn how to dodge the tax collector --
Exercise 5. Make sure the shoe fits : understand your investment objectives --
Exercise 6. Begin your walk at your own home : renting leads to flabby investment muscles --
Exercise 7. How to investigate a promenade through bond country --
Exercise 7a. Use bond substitutes for part of the aggregate bond portfolio during eras of financial repression --
Exercise 8. Tiptoe through the fields of gold, collectibles, and other investments --
Exercise 9. Remember that investment costs are not random : some are lower than others --
Exercise 10. Avoid sinkholes and stumbling blocks : diversify your investment steps --
A final checkup --
13. Handicapping the financial race : a primer in understanding and projecting returns from stocks and bonds. What determines the returns from stocks and bonds? --
Four historical eras of financial market returns --
Era I. The age of comfort --
Era II. The age of angst --
Era III. The age of exuberance --
Era IV. The age of disenchantment --
The markets from 2009 through 2014 --
Handicapping future returns --
14. A life-cycle guide to investing. Five asset-allocation principles --
Three guidelines to tailoring a life-cycle investment plan --
The life-cycle investment guide --
Life-cycle funds --
Investment management once you have retired --
Investing a retirement nest egg --
The do-it-yourself method --
15. Three giant steps down Wall Street. The no-brainer step : investing in index funds --
The do-it-yourself step : potentially useful stock-picking rules --
The substitute-player step : hiring a professional Wall Street walker --
The Morningstar Mutual Fund Information Service --
The Malkiel step --
A paradox --
Investment advisers --
Some last reflections on our walk --
A final word --
16. Supplement : How pork bellies acquired an Ivy League suit : a primer on derivatives. Appendix to supplement : what determines prices in the futures and options markets? --
A random walker's address book and reference guide to mutual funds and ETFs.
Responsibility: Burton G. Malkiel.

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The best investment guide money can buy, with more than 1.5 million copies sold, now fuly revised and updated.  Read more...

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"Talk to 10 money experts and you're likely to hear 10 recommendations for Burton Malkiel's classic investing book." -- The Wall Street Journal "A Random Walk has set thousands of investors on a Read more...

 
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Technical versus fundamental analysis -- What can charts tell you? -- The rationale for the charting method -- Why might charting fail to work? -- From chartist to technician -- The technique of fundamental analysis -- Three important caveats -- Why might fundamental analysis fail to work? -- Using fundamental and technical analysis together -- 6. Technical analysis and the random-walk theory. Holes in their shoes and ambiguity in their forecasts -- Is there momentum in the stock market? -- Just what exactly is a random walk? -- Some more elaborate technical systems -- A gaggle of other technical theories to help you lose money -- Why are technicians still hired? -- Appraising the counterattack -- Implications for investers -- 7. How good is fundamental analysis? The efficient-market hypothesis. The views from Wall Street and academia -- Are security analysts fundamentally clairvoyant? -- Why the crystal ball is clouded -- Do security analysts pick winners? 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