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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 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).
Review: ‘Trolls of Wall Street’ is a smart, unsettling take on investing in the social media age. Jeff John Roberts. June 11, 2024 at 3:00 AM. Steve Jennings—Getty Images/TechCrunch.
Five eight-step random walks from a central point. Some paths appear shorter than eight steps where the route has doubled back on itself. (animated version)In mathematics, a random walk, sometimes known as a drunkard's walk, is a stochastic process that describes a path that consists of a succession of random steps on some mathematical space.
For example, the sub-chapter describing the Crash in the 1973 book A Random Walk Down Wall Street is titled "Wall Street Lays an Egg", [6] as is chapter 18 of the 1996 book Lorenz Hart: A Poet on Broadway, [7] and chapter 17 of the 2003 book New World Coming: The 1920s and the Making of Modern America. [8]
In his book, Malkiel refers to a monkey experiment about investing in stocks by throwing darts at the financial section of a newspaper. There is a website http:\\www.unitedmonkies.com that takes this experiment as the starting point to vote for a portfolio of shares.
Peter Lynch (born January 19, 1944) [1] is an American investor, mutual fund manager, author and philanthropist.As the manager of the Magellan Fund [2] at Fidelity Investments between 1977 and 1990, Lynch averaged a 29.2% annual return, [3] consistently more than double the S&P 500 stock market index and making it the best-performing mutual fund in the world.