A Random Walk Down Wall Street: Including a Life-cycle Guide to Personal InvestingIn the newest edition of his best-selling investment guide, Burton G. Malkiel maps a clear path through the dizzying array of new financial instruments in this era of high-risk investing. Now more than ever, this sure-footed, irreverent, and vastly informative volume is an indispensable "best buy" for personal money management. In A Random Walk Down Wall Street you will discover how to beat the pros at their own game and learn a user-friendly long-range investment strategy that tailors investors' financial objectives to their particular incomes at any age. New material covers the dynamic but risky markets in futures and options, takes a shrewd look at derivative-type securities, and offers strategies to reduce the tax bite from investment earnings. |
Contents
Preface | 13 |
PART ONE STOCKS AND THeir Value | 21 |
The Madness of Crowds | 34 |
Stock Valuation from the Sixties into the Nineties | 54 |
The FirmFoundation Theory of Stock Prices | 93 |
PART TWO HOW THE PROS PLAY THE BIGGEST GAME IN TOWN | 113 |
Technical Analysis and the RandomWalk Theory | 137 |
Some More Elaborate Technical Systems | 145 |
Beyond Beta | 251 |
An Appraisal of the Evidence | 269 |
A Primer | 277 |
What Determines Prices in | 311 |
A Fitness Manual for Random Walkers | 317 |
The Determinants of Stock and Bond Returns and How | 366 |
A LifeCycle Guide to Investing | 400 |
Three Giant Steps Down Wall Street | 421 |
Technical Market Gurus | 155 |
How Good Is Fundamental Analysis? | 164 |
Is the Stock | 194 |
PART THREE THE NEW INVESTMENT TECHNOLOGY | 225 |
A Random Walkers Address Book and Reference Guide to Mutual | 461 |
| 489 | |
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Common terms and phrases
academic Annualized Return assets average Bank beta bond funds broker brokerage buyer call option capital gains cash Chapter chart chartist common stocks contract corporate costs decline discount diversified dividend yield early earnings efficient-market equity estimates example expected expenses fees firm firm-foundation forecasts Fund Name fund's fundamental fundamental analysis future futures contract growth rate growth stocks higher hold income increase index fund individual stocks industry inflation institutional investors interest rates investment long-run long-term loss market prices ment Micron Technology money funds money-market Money-Market Funds mutual funds percent performance period predict premium price-earnings multiples professional profit Purchase put option random walk rate of return Ratio real estate relative rise security analysts sell shares sold speculative Standard & Poor's stock market stock prices strategy substantial systematic risk tax-exempt theory tion total return trading valuation Vanguard volatility Wall Street