A Random Walk Down Wall Street, Completely Revised and Updated Edition
by Burton G. Malkiel

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Book Reviews of A Random Walk Down Wall Street, Completely Revised and Updated Edition

Book Review: Great Book
Summary: 5 Stars

Summary of A Random Walk Down Wall Street, Completely Revised and Updated Edition

Using the dot-com crash as an object lesson in how not to manage your portfolio, here is the best-selling, gimmick-free, irreverent, and vastly informative guide to navigating the turbulence of the market and managing investments with confidence.

A Random Walk Down Wall Street is well established as a staple of the business shelf, the first book any investor should read before taking the plunge and starting a portfolio. With its life-cycle guide to investing, it matches the needs of investors at any age bracket. Malkiel shows how to analyze the potential returns, not only for 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 such as gold and collectibles.

Whether you want to brief yourself on the ways of the market before talking to a broker or follow Malkiel's easy steps to managing your own portfolio, this books remains the best investing guide money can buy.

First published in 1973, this seventh printing of a A Random Walk looks forward and does so broadly, examining a new range of investment choices facing the turn-of-the-century investor: money-market accounts, tax-exempt funds, Roth IRAs, and equity REITs, as well as the potential benefits and pitfalls of the emerging global economy. In his updated "life-cycle guide to investing," Malkiel offers age-related investment strategies that consider one's capacity for risk. (A 30-year-old who can depend on wages to offset investment losses has a different risk capacity from a 60-year-old.) In his assessment of rocketing Internet stocks, Malkiel defends his "random" position well, explaining how "the market eventually corrects any irrationality--albeit in its own slow, inexorable fashion. Anomalies can crop up, markets can get irrationally optimistic, and often they attract unwary investors. But eventually, true value is recognized by the market, and this is the main lesson investors must heed." Written for the financial layperson but bolstered by 30 years of research, A Random Walk will help individual investors take charge of their financial future. Recommended. --Rob McDonald

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