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About A Random Walk Down Wall Street PDF Book

Today’s stock market is not for the faint of heart. At a time of frightening volatility, what is the average investor to do?


The answer: turn to Burton G. Malkiel’s advice in his reassuring, authoritative, gimmick-free, and perennially best-selling guide to investing. Long established as the first book to purchase before starting a portfolio or 401(k), A Random Walk Down Wall Street now features new material on “tax-loss harvesting,” the crown jewel of tax management; the current bitcoin bubble; and automated investment advisers; as well as a brand-new chapter on factor investing and risk parity. And as always, Malkiel’s core insights—on stocks and bonds, as well as real estate investment trusts, home ownership, and tangible assets like gold and collectibles— along with the book’s classic life-cycle guide to investing, will help restore confidence and composure to anyone seeking a calm route through today’s financial markets. 

Table of Contents of A Random Walk Down Wall Street PDF

Preface 13
Acknowledgments from Earlier
Editions
17
Part One
Stocks and Their Value

  1. Firm Foundations and Castles in the
    Air
    23
    What Is a Random
    Walk?
    24
    Investing as a Way of Life
    Today
    26
    Investing in
    Theory
    28
    The Firm-Foundation
    Theory
    29
    The Castle-in-the-Air Theory 31
    How the Random Walk Is to Be
    Conducted
    33
  2. The Madness of
    Crowds
    35
    The Tulip-Bulb
    Craze
    36
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    The South Sea
    Bubble
    39
    The Florida Real Estate
    Craze
    45
    Wall Street Lays an
    Egg
    46
    An
    Afterword
    53
  3. Stock Valuation from the Sixties through the
    Nineties
    55
    The Sanity of
    Institutions
    55
    The Soaring
    Sixties
    57
    The New “New Era”: The Growth-Stock/New-Issue
    Craze
    57
    Synergy Generates Energy: The Conglomerate
    Boom
    61
    Performance Comes to the Market: The Bubble in Concept
    Stocks
    69
    The Sour
    Seventies
    73
    The Nifty
    Fifty
    73
    The Roaring
    Eighties
    76
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    The Triumphant Return of New
    Issues
    76
    Concepts Conquer Again: The Biotechnology
    Bubble
    78

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Page 8
The Chinese Romance with the Lycoris Plant 80
Some Other Bubbles of the
1980s
81
What Does It All
Mean?
85
The Nervy
Nineties
85
The Japanese Yen for Land and
Stocks
85
The Internet Craze of the Late
1990s
90
A Final
Word
94

  1. The Firm-Foundation Theory of Stock
    Prices
    95
    The “Fundamental” Determinants of Stock
    Prices
    96
    Two Important
    Caveats
    103
    Testing the
    Rules
    106
    One More
    Caveat
    108
    What’s Left of the Firm
    Foundation?
    111
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    Part Two
    How the Pros Play the Biggest Game in Town
  2. Technical and Fundamental
    Analysis
    117
    Technical versus Fundamental
    Analysis
    118
    What Can Charts Tell
    You?
    119
    The Rationale for the Charting
    Method
    124
    Why Might Charting Fail to
    Work?
    126
    From Chartist to
    Technician
    127
    The Technique of Fundamental
    Analysis
    128
    Why Might Fundamental Analysis Fail to
    Work?
    132
    Using Fundamental and Technical Analysis
    Together
    134
  3. Technical Analysis and the Random-Walk
    Theory
    138
    Holes in Their Shoes and Ambiguity in Their
    Forecasts
    138
    Is There Momentum in the Stock
    Market?
    140
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    Just What Exactly Is a Random
    Walk?
    142
    Some More Elaborate Technical
    Systems
    145
    The Filter
    System
    146
    The Dow
    Theory
    146
    The Relative-Strength
    System
    147
    Price-Volume
    Systems
    148
    Reading Chart
    Patterns
    148
    Randomness Is Hard to
    Accept
    149
    A Gaggle of Other Technical Theories to Help You Lose
    Money
    150

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Page 9
The Hemline Indicator 151
The Super Bowl Indicator 153
The Odd-Lot Theory 153
A Few More Systems 155
Technical Market Gurus 155
Why Are Technicians Still Hired? 159
Appraising the Counterattack 160
Implications for Investors 163

  1. How Good Is Fundamental Analysis? 165
    The Views from Wall Street and Academia 166
    Are Security Analysts Fundamentally Clairvoyant? 166
    Why the Crystal Ball Is Clouded 170
  2. The Influence of Random Events 171
  3. The Creation of Dubious Reported Earnings through “Creative”
    Accounting Procedures
    172
  4. The Basic Incompetence of Many of the Analysts Themselves 174
  5. The Loss of the Best Analysts to the Sales Desk or to Portfolio
    Management
    177
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    Do Security Analysts Pick Winners? The Performance of the Mutual Funds 178
    Can Any Fundamental System Pick Winners? 186
    The Verdict on Market Timing 187
    The Semi-strong and Strong Forms of the Random-Walk Theory 190
    The Middle of the Road: A Personal
    Viewpoint
    193
    Part Three
    The New Investment Technology
  6. A New Walking Shoe: Modern Portfolio Theory 199
    The Role of Risk 200
    Defining Risk: The Dispersion of Returns 201
    Exhibit 201
    Expected Return and Variance: Measures of Reward and Risk 201
    Documenting Risk: A Long-Run Study 204
    Reducing Risk: Modern Portfolio Theory (MPT) 206
    Diversification in Practice 211
  7. Reaping Reward by Increasing Risk 220
    Beta and Systematic Risk 221

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Page 10
The Capital-Asset Pricing Model (CAPM) 224
Let’s Look at the
Record
229
An Appraisal of the
Evidence
232
The Quant Quest for Better Measures of Risk: Arbitrage Pricing
Theory
234
A Summing
Up
237

  1. The Assault on the Random-Walk Theory: Is the Market Predictable after
    All?
    240
    Predictable Patterns in the Behavior of Stock
    Prices
    242
  2. Stocks Do Sometimes Get on One-Way Streets 243
  3. But Eventually Stock Prices Do Change Direction and Hence
    Stockholder Returns Tend to Reverse Themselves
    244
  4. Stocks Are Subject to Seasonal Moodiness, Especially at the Beginning
    of the Year and the End of the Week
    247
    Predictable Relationships between Certain “Fundamental” Variables and Future
    Stock Prices
    249
  5. Smaller Is Often Better 249
  6. Stocks with Low Price-Earnings Multiples Outperform Those with High
    Multiples
    251
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  7. Stocks that Sell at Low Multiples of Their Book Values Tend to Produce
    Higher Subsequent Returns
    253
  8. Higher Initial Dividends and Lower Price-Earnings Multiples Have
    Meant Higher Subsequent Returns
    254
  9. The “Dogs of the Dow” Strategy 258
    And the Winner
    Is . . .
    259
    The Performance of Professional
    Investors
    259
    Concluding
    Comments
    267
    Appendix: The Market Crash of October
    1987
    270
    Part Four
    A Practical Guide for Random Walkers and Other Investors
  10. A Fitness Manual for Random
    Walkers
    277
    Exercise 1: Cover Thyself with
    Protection
    278
    Exercise 2: Know Your Investment
    Objectives
    281
    Exercise 3: Dodge Uncle Sam Whenever You
    Can
    289
    Pension Plans and
    IRAs
    289
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    Keogh
    Plans
    290
    Roth
    IRAs
    293

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Page 11
Tax-Deferred
Annuities
294
Exercise 4: Be Competitive; Let the Yield on Your Cash Reserve Keep Pace
with Inflation
295
Money-Market Mutual Funds 295
Money-Market Deposit Accounts 297
Bank Certificates 299
Tax-Exempt Money-Market Funds 300
Exercise 5: Investigate a Promenade through Bond Country 301
Zero-Coupon Bonds Can Generate Large Future Returns 302
No-Load Bond Funds Are Appropriate Vehicles for Individual Investors 303
Tax-Exempt Bonds Are Useful for High-Bracket Investors 305
Hot TIPS: Inflation Indexed Bonds 307
Should You Be a Bond-Market Junkie? 309
Exercise 6: Begin Your Walk at Your Own Home; Renting Leads to Flabby
Investment Muscles
310
Exercise 7: Beef Up with Real Estate Investment Trusts 313
Exercise 8: Tiptoe through the Investment Fields of Gold and Collectibles 318
Exercise 9: Remember that Commission Costs Are Not Random Some Are
Cheaper than Others
322
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Exercise 10: Diversify Your Investment Steps 324
A Final Checkup 324

  1. Handicapping the Financial Race: A Primer in Understanding and Projecting
    Returns from Stocks and Bonds
    326
    What Determines the Returns from Stocks and Bonds? 326
    Three Eras of Financial Market Returns 331
    Era I: The Age of Comfort 333
    Era II: The Age of Angst 334
    Era III: The Age of Exuberance 340
    The Age of the Millennium 342
    Appendix: Projecting Returns for Individual Stocks 347
  2. A Life-Cycle Guide to Investing 351
    Four Asset Allocation Principles 352
  3. Risk and Reward Are Related 352
  4. Your Actual Risk in Stock and Bond Investing Depends on the Length of
    Time You Hold Your Investment
    352

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Page 12

  1. Dollar-Cost Averaging Can Reduce the Risks of Investing in Stocks and
    Bonds
    356
  2. The Risks You Can Afford to Take Depend on Your Total Financial
    Situation
    360
    Three Guidelines to Tailoring a Life-Cycle Investment
    Plan
    362
  3. Specific Needs Require Dedicated Specific
    Assets
    363
  4. Recognize Your Tolerance for Risk 363
  5. Persistent Savings in Regular Amounts, No Matter How Small, Pays Off 367
    The Life-Cycle Investment Guide 368
  6. Three Giant Steps Down Wall Street 372
    The No-Brainer Step: Investing in Index Funds 373
    The Index Fund Solution: A Summary 375
    A Broader Definition of
    Indexing
    378
    A Specific Index Fund
    Portfolio
    382
    The Tax-Managed Index
    Fund
    383
    The Do-It-Yourself Step: Potentially Useful Stock-Picking
    Rules
    386
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    The Substitute-Player Step: Hiring a Professional Wall-Street Walker 391
    Risk Level 394
    Unrealized Gains 394
    Expense Ratios 395
    The Morningstar Mutual-Fund Information Service 395
    A Primer on Mutual-Fund Costs 398
    Loading Fees 399
    Expense Charges 399
    Comparing Mutual-Fund Costs 400
    The Malkiel Step 401
    A Paradox 405
    Some Last Reflections on Our Walk 406
    A Random Walker’s Address Book and Reference Guide to Mutual Funds 409
    Bibliography 429
    Index 445

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