A Random Walk Down Wall Street
by Burton G. Malkiel
Malkiel's classic, updated through many editions, arguing that markets are efficient enough that professional stock picking rarely beats a broad index after costs, with a history of bubbles, a review of technical and fundamental analysis, and a life-cycle investing guide. It is long, lucid and the intellectual foundation of index investing.
Read it if…
you want the full argument for indexing, with the history and the evidence.
Skip it if…
you want a short plan; see the Bogleheads' Guide or If You Can.
Three things you will actually use
- Markets are hard to beat; costs are certain.
- Bubbles recur; recognize the pattern.
- Allocate by age and temperament, then hold.
Do this first
Read the chapters on bubbles first; they inoculate against the next one.
Our verdict
Lucid, thorough and foundational.
Compare with other Money books
One Up on Wall Street
Peter Lynch with John Rothchild · Money
Charming and instructive; proceed carefully.
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The Little Book That Still Beats the Market
Joel Greenblatt · Money
Short, clear and honest.
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