A Random Walk Down Wall Street Summary

Book Worm • 7 May 2018

One Sentence Summary

 

  • The central premise of Malkiel's book is that low-cost index funds will serve the individual investor better than any other strategy for choosing stocks.

 


Best Quotes


“Never buy anything from someone who is out of breath.”


“In the 1990s, the ratio of buy to sell recommendations climbed to 100 to 1, particularly for brokerage firms with large investment banking businesses.” 


“The greatest of all gifts is the power to estimate things at their true worth.” 


“Forecasts are difficult to make—particularly those about the future.” 

 


Key Takeaways

 

  • Malkiel is talking about the implications for individual investors who are buying stocks, not professional investors and not foreign exchange or commodities traders.

 

  • Technical analysis, in fact, creates much of the foundation for trading in currencies and commodities.

 

  • The central premise is that low-cost index funds will serve the individual investor better than other strategies.

 


About author

 

  • Burton Gordon Malkiel (born August 28, 1932) is an American economist and writer. He is a leading proponent of the efficient-market hypothesis, which contends that prices of publicly traded assets reflect all publicly available information.

 

A Random Walk Down Wall Street Summary
A Random Walk Down Wall Street Summary

 

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