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Burton Gordon Malkiel (born August 28, 1932) is an American economist, financial executive, and writer most noted for his classic finance book A Random Walk Down Wall Street (first published 1973, in its 13th edition as of 2023).
A Random Walk Down Wall Street, written by Burton Gordon Malkiel, a Princeton University economist, is a book on the subject of stock markets which popularized the random walk hypothesis. Malkiel argues that asset prices typically exhibit signs of a random walk, and thus one cannot consistently outperform market averages.
The term was popularized by the 1973 book A Random Walk Down Wall Street by Burton Malkiel, a professor of economics at Princeton University, [2] and was used earlier in Eugene Fama's 1965 article "Random Walks In Stock Market Prices", [3] which was a less technical version of his Ph.D. thesis.
Burton Malkiel ; AUM: $75 billion (2024) [1] Number of employees. 238 [2] Website: www.wealthfront.com: Wealthfront Inc. is an automated investment service firm based ...
[23] Burton Malkiel, a well-known proponent of the general validity of EMH, stated that this correlation may be consistent with an efficient market due to differences in interest rates. [ 24 ] Investors, including the likes of Warren Buffett , [ 25 ] George Soros , [ 26 ] [ 27 ] and researchers have disputed the efficient-market hypothesis both ...
Burton Malkiel asserts that seasonal anomalies such as the January Effect are transient and do not present investors with reliable arbitrage opportunities. He sums up his critique of the January Effect: [6] Wall Street traders now joke that the January effect is more likely to occur on the previous Thanksgiving.
Burton G. Malkiel, A Random Walk Down Wall Street, W. W. Norton, 1996, ISBN 0-393-03888-2; John Bogle, Bogle on Mutual Funds: New Perspectives for the Intelligent Investor, Dell, 1994, ISBN 0-440-50682-4; Mark T. Hebner, Index Funds: The 12-Step Program for Active Investors, IFA Publishing, 2007, ISBN 0-9768023-0-9
In his book A Random Walk Down Wall Street, Princeton economist Burton Malkiel said that technical forecasting tools such as pattern analysis must ultimately be self-defeating: "The problem is that once such a regularity is known to market participants, people will act in such a way that prevents it from happening in the future."