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Preface 15
Acknowledgments from Earlier Editions 19
Pt. 1 Stocks and Their Value
1 Firm Foundations and Castles in the Air 23
2 The Madness of Crowds 34
3 Stock Valuation from the Sixties through the Nineties 52
4 The Biggest Bubble of All: Surfing on the Internet 82
5 The Firm-Foundation Theory of Stock Prices 105
Pt. 2 How the Pros Play the Biggest Game in Town
6 Technical and Fundamental Analysis 125
7 Technical Analysis and the Random-Walk Theory 145
8 How Good Is Fundamental Analysis? 171
Pt. 3 The New Investment Technology
9 A New Walking Shoe: Modern Portfolio Theory 203
10 Reaping Reward by Increasing Risk 222
11 Potshots at the Efficient-Market Theory and Why They Miss 242
Pt. 4 A Practical Guide for Random Walkers and Other Investors
12 A Fitness Manual for Random Walkers 277
13 Handicapping the Financial Race: A Primer in Understanding and Projecting Returns from Stocks and Bonds 314
14 A Life-Cycle Guide to Investing 333
15 Three Giant Steps Down Wall Street 354
A Random Walker's Address Book and Reference Guide to Mutual Funds 387
Index 397

Updated with a new chapter that draws on behavioral finance, the field that studies the psychology of investment decisions, here is the best-selling, authoritative, and gimmick-free guide to investing. Burton Malkiel evaluates the full range of investment opportunities, from stocks, bonds, and money markets to real estate investment trusts and insurance, home ownership, and tangible assets such as gold and collectibles. This edition includes new strategies for rearranging your portfolio for retirement, along with the book’s classic life-cycle guide to investing, which matches the needs of investors in any age bracket. A Random Walk Down Wall Street long ago established itself as a must-read, the first book to purchase before starting a portfolio. So whether you want to brief yourself on the ways of the market before talking to a broker or follow Malkiel’s easy steps to managing your own portfolio, this book remains the best investing guide money can buy.