A Random Walk Down Wall Street

A Random Walk Down Wall Street by Burton G. Malkiel examines why short-term stock prices are difficult to predict and what that means for individual investors. It introduces the efficient market hypothesis, evaluates fundamental analysis and technical chart reading, and considers how behavioral finance helps explain investor decisions. Malkiel draws on market history and research on professional fund performance to make the case for low-cost, diversified index investing. The book also discusses market bubbles, exchange-traded funds, real estate investment trusts and asset allocation across different stages of life. Its blend of financial theory and practical guidance suits long-term investors looking for a low-maintenance approach to building a portfolio. It pairs well with our guides on risk management and trading psychology.