A Random Walk Down Wall Street The Best Investment Guide That Money Can Buy 13th Edition by Burton G Malkiel ISBN 1324035447 9781324035442

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ISBN 10: 1324035447
ISBN 13: 9781324035442
Author: Burton G Malkiel

A Random Walk Down Wall Street The Best Investment Guide That Money Can Buy 13th Edition Table of contents:

Part One: Stocks and Their Value

1. Firm Foundations and Castles in the Air

What Is a Random Walk?

Investing as a Way of Life Today

Investing in Theory

The Firm-Foundation Theory

The Castle-in-the-Air Theory

How the Random Walk Is to Be Conducted

2. The Madness of Crowds

The Tulip-Bulb Craze

The South Sea Bubble

Wall Street Lays an Egg

An Afterword

3. Speculative Bubbles from the Sixties into the Nineties

The Sanity of Institutions

The Soaring Sixties

The New “New Era”: The Growth-Stock/New-Issue Craze

Synergy Generates Energy: The Conglomerate Boom

The Nifty Fifty

The Roaring Eighties

The Return of New Issues

ZZZZ Best Bubble of All

What Does It All Mean?

The Japanese Yen for Land and Stocks

4. The Explosive Bubbles in the Early Decades of the 2000s

The Internet Bubble

A Broad-Scale High-Tech Bubble

Yet Another New-Issue Craze

TheGlobe.com

Security Analysts $peak Up

New Valuation Metrics

The Writes of the Media

Fraud Slithers In and Strangles the Market

Should We Have Known the Dangers?

The U.S. Housing Bubble and Crash of the Early 2000s

The New System of Banking

Looser Lending Standards

The Housing Bubble

Bubbles and Economic Activity

Does This Mean That Markets Are Inefficient?

Mini Bubbles in Meme Stocks

The Bubble in Cryptocurrencies

Bitcoin and Blockchain

Is Bitcoin Real Money?

Should the Bitcoin Phenomenon Be Called a Bubble?

What Can Make the Bitcoin Bubble Deflate?

Other Digital Mini-Bubbles

Lessons Learned

Part Two: How the Pros Play the Biggest Game in Town

5. Technical and Fundamental Analysis

Technical versus Fundamental Analysis

What Can Charts Tell You?

The Rationale for the Charting Method

Why Might Charting Fail to Work?

From Chartist to Technician

The Technique of Fundamental Analysis

Three Important Caveats

Why Might Fundamental Analysis Fail to Work?

Using Fundamental and Technical Analysis Together

6. Technical Analysis and the Random-Walk Theory

Holes in Their Shoes and Ambiguity in Their Forecasts

Is There Momentum in the Stock Market?

Just What Exactly Is a Random Walk?

Some More Elaborate Technical Systems

The Filter System

The Dow Theory

The Relative-Strength System

Price-Volume Systems

Reading Chart Patterns

Randomness Is Hard to Accept

A Gaggle of Other Technical Theories to Help You Lose Money

The Hemline Indicator

The Super Bowl Indicator

Dogs of the Dow

January Effect

A Few More Systems

Technical Market Gurus

Appraising the Counterattack

Implications for Investors

7. How Good is Fundamental Analysis? The Efficient-Market Hypothesis

The Views from Wall Street and Academia

Are Security Analysts Fundamentally Clairvoyant?

Why the Crystal Ball Is Clouded

1. The Influence of Random Events

2. The Production of Dubious Reported Earnings through “Creative” Accounting Procedures

3. Errors Made by the Analysts Themselves

4. The Loss of the Best Analysts to the Sales Desk, to Portfolio Management, or to Hedge Funds

5. The Conflicts of Interest between Research and Investment Banking Departments

Do Security Analysts Pick Winners? The Performance of the Mutual Funds

The Semi-Strong and Strong Forms of the Efficient-Market Hypothesis (EMH)

Part Three: The New Investment Technology

8. A New Walking Shoe: Modern Portfolio Theory

The Role of Risk

Defining Risk: The Dispersion of Returns

Illustration: Expected Return and Variance Measures of Reward and Risk

Documenting Risk: A Long-Run Study

Reducing Risk: Modern Portfolio Theory (MPT)

Diversification in Practice

9. Reaping Reward by Increasing Risk

Beta and Systematic Risk

The Capital-Asset Pricing Model (CAPM)

Let’s Look at the Record

An Appraisal of the Evidence

The Quant Quest for Better Measures of Risk: Arbitrage Pricing Theory

The Fama-French Three-Factor Model

A Multifactor Explanation of Stock Prices

A Summing Up

10. Behavioral Finance

The Irrational Behavior of Individual Investors

Overconfidence

Biased Judgments

Herding

Loss Aversion

Pride and Regret

Behavioral Finance and Savings

The Limits to Arbitrage

What Are the Lessons for Investors from Behavioral Finance?

1. Avoid Herd Behavior

2. Avoid Overtrading

3. If You Do Trade: Sell Losers, Not Winners

4. Other Stupid Investor Tricks

Does Behavioral Finance Teach Ways to Beat the Market?

11. New Methods of Portfolio Construction: Smart Beta, Risk Parity, and Esg Investing

What is “Smart Beta”?

Four Tasty Flavors: Their Pros and Cons

1. Value Wins

2. Smaller Is Better

3. There Is Some Momentum in the Stock Market

4. Low-Beta Stocks May Return as Much as High-Beta Stocks

5. Other Factors

What Could Go Wrong?

Blended Factor Strategies

Blended Funds in Practice

Dimensional Fund Advisors (DFA)

Research Affiliates Fundamental Index™ (RAFI)

Goldman Sachs Active Beta ETF

Equally-Weighted Portfolios

Implications for Investors

Risk Parity

The Risk-Parity Technique

Safe Bonds May Also Provide Opportunities to Employ Risk-Parity Techniques

Risk Parity versus the Traditional 60/40 Portfolio

Bridgewater’s All Weather Fund

What Could Go Wrong?

ESG Investing

Concluding Comments

Part Four: A Practical Guide For Random Walkers and Other Investors

12. A Fitness Manual for Random Walkers and Other Investors

Exercise 1: Gather the Necessary Supplies

Exercise 2: Don’t Be Caught Empty-Handed: Cover Yourself with Cash Reserves and Insurance

Cash Reserves

Insurance

Deferred Variable Annuities

Exercise 3: Be Competitive—Let the Yield on Your Cash Reserve Keep Pace with Inflation

Money-Market Mutual Funds (Money Funds)

Bank Certificates of Deposit (CDs)

Internet Banks

Treasury Bills

Tax-Exempt Money-Market Funds

Exercise 4: Learn How to Dodge the Tax Collector

Individual Retirement Accounts

Roth IRAs

Pension Plans

Saving for College: As Easy as 529

Exercise 5: Make Sure the Shoe Fits: Understand Your Investment Objectives

Exercise 6: Begin Your Walk at Your Own Home—Renting Leads to Flabby Investment Muscles

Exercise 7: How to Investigate a Promenade through Bond Country

Zero-Coupon Bonds Can Be Useful to Fund Future Liabilities

No-Load Bond Funds Can Be Appropriate Vehicles for Individual Investors

Tax-Exempt Bonds Are Useful for High-Bracket Investors

Hot TIPS: Inflation-Protected Bonds

U.S. Treasury I Bonds: The Best Alternative for Individuals

Should You Be a Bond-Market Junkie?

Foreign Bonds

Exercise 7A: Use Bond Substitutes for Part of the Aggregate Bond Portfolio during Eras of Financial Repression

Exercise 8: Tiptoe through the Fields of Gold, Collectibles, and Other Investments

Exercise 9: Remember That Investment Costs Are Not Random; Some Are Lower Than Others

Exercise 10: Avoid Sinkholes and Stumbling Blocks: Diversify Your Investment Steps

A Final Checkup

13. Handicapping the Financial Race: A Primer in Understanding and Projecting Returns From Stocks and Bonds

What Determines the Returns from Stocks and Bonds?

Four Historical Eras of Financial Market Returns

Era I: The Age of Comfort

Era II: The Age of Angst

Era III: The Age of Exuberance

Era IV: The Age of Disenchantment

The Markets from 2009 to 2022

Handicapping Future Returns

14. A Life-Cycle Guide to Investing

Five Asset-Allocation Principles

1. Risk and Reward Are Related

2. Your Actual Risk in Stock and Bond Investing Depends on the Length of Time You Hold Your Investment

3. Dollar-Cost Averaging Can Reduce the Risks of Investing in Stocks and Bonds

4. Rebalancing Can Reduce Investment Risk and Possibly Increase Returns

5. Distinguishing between Your Attitude toward and Your Capacity for Risk

Three Guidelines to Tailoring a Life-Cycle Investment Plan

1. Specific Needs Require Dedicated Specific Assets

2. Recognize Your Tolerance for Risk

3. Persistent Saving in Regular Amounts, No Matter How Small, Pays Off

The Life-Cycle Investment Guide

Life-Cycle (Target Date) Funds

Investment Management Once You Have Retired

Inadequate Preparation for Retirement

Investing a Retirement Nest Egg

Annuities

The Do-It-Yourself Method

15. Three Giant Steps Down Wall Street

The No-Brainer Step: Investing in Index Funds

The Index-Fund Solution: A Summary

A Broader Definition of Indexing

A Specific Index-Fund Portfolio

ETFs and Taxes

The Do-It-Yourself Step: Potentially Useful Stock-Picking Rules

The Substitute-Player Step: Hiring a Professional Wall Street Walker

Investment Advisers, Standard and Automated

Some Last Reflections on Our Walk

A Final Example

Epilogue

Acknowledgments

A Random Walker’s Address Book and Reference Guide to Mutual Funds and ETFs

Index

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