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A Random Walk Down Wall Street: The Best Investment Guide That Money Can Buy Thirteenth Edition

by Burton G. Malkiel (Author)
4.7 4.7 out of 5 stars 382 ratings
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One of the “few great investment books” (Andrew Tobias) ever written, with 2 million copies in print.

In a time of rampant misinformation about ways of growing your money, Burton G. Malkiel’s gimmick-free investment guide is more necessary than ever. Whether you’re considering your first 401k contribution or contemplating retirement, the fully updated, fiftieth anniversary edition of A Random Walk Down Wall Street remains the best investment guide money can buy.

Drawing on his experience as an economist, financial adviser, and successful investor, Malkiel shows why an individual who saves consistently over time and buys a diversified set of index funds can achieve above-average investment results. He addresses current investment fads and critically analyzes cryptocurrencies, NFTs, and meme stocks. Malkiel reveals how to be a tax smart investor and how to make sense of recently popular investment management techniques, including factor investing, risk parity, and ESG portfolios.

Investors of every age, experience level, and risk tolerance will find the step-by-step guidance they need to protect and grow their dollars.

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Previous page
  1. ISBN-10
    1324051132
  2. ISBN-13
    978-1324051138
  3. Edition
    Thirteenth
  4. Publisher
    W. W. Norton & Company
  5. Publication date
    January 3, 2023
  6. Language
    English
  7. Dimensions
    6.4 x 1.5 x 9.6 inches
  8. Print length
    432 pages
  9. See all details
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From the Publisher

The 50th Anniversary Edition

One of the "few great investment books" (Andrew Tobias) ever wrtitten

"An investing classic." Daniel Akst, Wall Street Journal

"Do you want to do well in the stock market?...Buy Burton Malkiel's Book" Los Angeles Times

Editorial Reviews

Review

"By now an investing classic, A Random Walk Down Wall Street has been updated to cover the many financial innovations (from exchange-traded funds to Ethereum) since it was first published. The book retains its author’s trademark blend of erudition and wit―and his insistence that markets really are efficient."
― Daniel Akst, Wall Street Journal

"Do you want to do well in the stock market? Here’s the best advice. Scrape together a few bucks and buy Burton Malkiel’s book. Then take what’s left and put it in an index fund."
― Los Angeles Times

"Talk to 10 money experts and you’re likely to hear 10 recommendations for Burton Malkiel’s classic investing book."
― Wall Street Journal

"Not more than half a dozen really good books about investing have been written in the past fifty years. This one may well belong in the classics category."
― Forbes

"A Random Walk has set thousands of investors on a straight path since it was first published in 1973. Even if you read the book then or more recently, a refresher course is probably in order.… A lucid mix of the theoretical and the pragmatic."
― Chicago Tribune

"Almost every list of must-read investment books… includes Malkiel’s Random Walk."
― Booklist

"If one of your New Year’s resolutions is to improve your personal finances, here’s a suggestion: Instead of picking up one of the scores of new works flooding into bookstores, reread an old one: A Random Walk Down Wall Street."
― New York Times

"An engagingly written and wonderfully argued tome."
― Money

"Imagine getting a week-long lesson on investing from someone with the common sense of Benjamin Franklin, the academic and institutional knowledge of Milton Friedman and the practical experience of Warren Buffett. That’s about what awaits you in the latest edition of this must-read by Burton Malkiel."
― Barron’s

"A must-read for any investor."
― Browser

About the Author

Burton G. Malkiel is the Chemical Bank Chairman’s Professor of Economics Emeritus at Princeton University. He is a former member of the president’s Council of Economic Advisers and dean of the Yale School of Management. He resides in New Jersey.

Product details

  • Publisher ‏ : ‎ W. W. Norton & Company; Thirteenth edition (January 3, 2023)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 432 pages
  • ISBN-10 ‏ : ‎ 1324051132
  • ISBN-13 ‏ : ‎ 978-1324051138
  • Item Weight ‏ : ‎ 1.7 pounds
  • Dimensions ‏ : ‎ 6.4 x 1.5 x 9.6 inches
  • Customer Reviews:
    4.7 4.7 out of 5 stars 382 ratings

About the author

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Burton G. Malkiel

Burton G. Malkiel

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Burton G. Malkiel is the Chemical Bank Chairman's Professor of Economics at Princeton University. His books include "From Wall Street to the Great Wall," "Naked Economics," "The Random Walk Guide to Investing," and the mega-bestseller "A Random Walk Down Wall Street."

Customer reviews

4.7 out of 5 stars
4.7 out of 5
382 global ratings

Top reviews from the United States

Kindle Customer
5.0 out of 5 stars A very complete tour of Wall Street
Reviewed in the United States on March 25, 2024
Verified Purchase
Get the latest release. The book is VERY complete and informative about the many types of investments and what small investors should and shouldn’t do. A great book for new investors to learn about the markets. Lots of details but not so technical that beginners can’t understand it. 👍🏼👍🏼
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Rusty
5.0 out of 5 stars One of my absolute favorites
Reviewed in the United States on February 16, 2024
Verified Purchase
Easy to read, limited jargon; Great analysis;
2 people found this helpful
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Saul Lopez Silva
5.0 out of 5 stars Wish I had read this book 15 years ago.
Reviewed in the United States on August 19, 2023
Verified Purchase
THIS IS THE BOOK for smart investing. The author first takes you through the history of the stock market and explains former theories on investing to prove that mutual fund investing is the best choice for those that do not work full time (or are fully educated on) the finnancial markets. Author is extremely eloquent and the book is easy to read and very very engaging.
11 people found this helpful
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The Sexton
4.0 out of 5 stars Good info
Reviewed in the United States on June 27, 2023
Verified Purchase
Good info and an in-depth academic analysis of why investing in index funds over the long term is the most efficient way of investing for most people
6 people found this helpful
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hectus423
5.0 out of 5 stars A Great Read
Reviewed in the United States on January 7, 2024
Verified Purchase
Starts out with a lot of history regarding trading techniques that don't work. Last few chapters are gems! Gives excellent detailed guidelines to set up your portfolio, complete with recommended Index funds and ETFs, both foreign and domestic. Breaks it down to age groups from young early investors to retirees! A must read for any investor!
3 people found this helpful
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christian stetz
5.0 out of 5 stars Outstanding!
Reviewed in the United States on January 28, 2023
Verified Purchase
This is the best book available for investors. It is surprising that the for-profit investing industry has not
successfully prevented the low-cost index philosophy to be widely disseminated; after all these years the
index investment industry is slowly overtaking active investment. This is a long book with a simple message; I think the purpose of most of the book is to describe the weakness of active investing, to justify the value of passive investing.

It's not perfect. Although it does a good job clarifying to the novice the exact meaning of many of the investment terms, even more clarification is needed. The author should ask his mailman to review the book.

I was initially misled by the graph on page 402. The author's effort to emphasize the value of re-balancing
has motivated him to provide an example of a very unusual 10-year period where the return on a diversified re-balanced portfolio was greater than 100% VTSAX. (For the rare individuals with both wealth and a long time horizon, 100% VTSAX will provide the highest return).
13 people found this helpful
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Value Appreciator
5.0 out of 5 stars Great book.
Reviewed in the United States on April 24, 2023
Verified Purchase
A good overview to investing in stocks, bonds, funds, ETFs, etc. Written by a guy who knows his stuff, in a way that is very easy and entertaining to read.
5 people found this helpful
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Steve
5.0 out of 5 stars Valuable compendium of useful info.
Reviewed in the United States on November 22, 2023
Verified Purchase
This classic is more useful now than ever. Great contact info for funds and Etf’s. Minimize your risks — Read, assimilate, activate!
2 people found this helpful
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Top reviews from other countries

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Gary R. Frank
5.0 out of 5 stars Classic Investment Wisdom for Novices
Reviewed in Canada on February 8, 2024
Verified Purchase
Don’t let professional investors deceive you. Investing truly is a simple, yet unpredictable activity. So unpredictable that you need a simple strategy to optimize returns while minimizing losses. Take the random walk, your retirement needs it.
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Diogo Xavier Ribeiro Pereira
5.0 out of 5 stars Brand new soft cover book
Reviewed in Spain on March 17, 2024
Verified Purchase
Everything as expected! Perfect
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Diogo Xavier Ribeiro Pereira
5.0 out of 5 stars Brand new soft cover book
Reviewed in Spain on March 17, 2024
Everything as expected! Perfect
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Marcus
5.0 out of 5 stars Good, but not very technical
Reviewed in Sweden on March 8, 2024
Verified Purchase
Its a good investing book, for me its a good reminder of techniques, it goes a little light on the more advanced models though but a really intro for a newbie.
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Marco Marchetti
5.0 out of 5 stars Da acquistare! **A Random Walk Down Wall Street
Reviewed in Italy on June 5, 2023
Verified Purchase
The media could not be loaded.
 Consiglio di acquistare questa versione, cioè la più recente, perchè il tema trattato è in continua evoluzione.

**Ecco una rapida sintesi dei punti di forza e di debolezza del libro:

Punti di forza:

Scrittura chiara e concisa: Malkiel presenta concetti finanziari complessi in modo comprensibile, rendendo il libro accessibile a un pubblico ampio.
Approccio basato sui dati: il libro si basa su dati storici e ricerche per supportare i suoi argomenti principali.
Principi senza tempo: il messaggio centrale di investire in fondi indicizzati a basso costo rimane rilevante nonostante le fluttuazioni del mercato.
Affronta le tendenze contemporanee: l'edizione aggiornata esplora gli sviluppi recenti nel mondo degli investimenti.

Debolezze:

Discussione limitata sull'investimento attivo: pur riconoscendone l'esistenza, il libro si concentra principalmente su strategie passive.
Potrebbe non essere adatto a investitori avanzati: l'attenzione del libro sulla semplicità potrebbe non soddisfare coloro che cercano analisi approfondite.
Nel complesso, A Random Walk Down Wall Street rimane una risorsa preziosa per chiunque sia interessato a sondare le profondità del mondo degli investimenti. La saggezza e la guida chiara di Malkiel rendono questo libro un must per gli investitori principianti e intermedi che cercano di costruire una solida base finanziaria.
Customer image
Marco Marchetti
5.0 out of 5 stars Da acquistare! **A Random Walk Down Wall Street
Reviewed in Italy on June 5, 2023
Consiglio di acquistare questa versione, cioè la più recente, perchè il tema trattato è in continua evoluzione.

**Ecco una rapida sintesi dei punti di forza e di debolezza del libro:

Punti di forza:

Scrittura chiara e concisa: Malkiel presenta concetti finanziari complessi in modo comprensibile, rendendo il libro accessibile a un pubblico ampio.
Approccio basato sui dati: il libro si basa su dati storici e ricerche per supportare i suoi argomenti principali.
Principi senza tempo: il messaggio centrale di investire in fondi indicizzati a basso costo rimane rilevante nonostante le fluttuazioni del mercato.
Affronta le tendenze contemporanee: l'edizione aggiornata esplora gli sviluppi recenti nel mondo degli investimenti.

Debolezze:

Discussione limitata sull'investimento attivo: pur riconoscendone l'esistenza, il libro si concentra principalmente su strategie passive.
Potrebbe non essere adatto a investitori avanzati: l'attenzione del libro sulla semplicità potrebbe non soddisfare coloro che cercano analisi approfondite.
Nel complesso, A Random Walk Down Wall Street rimane una risorsa preziosa per chiunque sia interessato a sondare le profondità del mondo degli investimenti. La saggezza e la guida chiara di Malkiel rendono questo libro un must per gli investitori principianti e intermedi che cercano di costruire una solida base finanziaria.
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M. Chaffer
3.0 out of 5 stars US market biased narrative, but some interesting and up-dated pieces.
Reviewed in the United Kingdom on February 28, 2023
Verified Purchase
This is a reasonably easy read, and most of it makes a good deal of sense. It promotes that individuals will usually be best served by accumulating their wealth through regular investment into indexed products. It justifies this approach by analysing all the other common approaches - technical & fundamental analysis, smart beta, risk parity & ESG investing, and compares the results of each approach over time. It also gives specific age-related advice for portfolio construction, but this assumes the investor is a US citizen so is much less useful to a UK reader. Where I think the book is really weak is that it does not analyse in any detail the dreadful year of 2022 when nearly all investors were down. Indeed, in Chapter 8 when discussing diversification, it states that Bonds were a good place to hide in the Great Financial Crash of 2008-9, yet doesn't mention at all the fact that bonds were not the place to hide in 2022. It is almost as if they don't want to spoil their diversification theory with the most recent and un-supporting evidence.
6 people found this helpful
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