Introduction to the Fiftieth Anniversary Edition
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 Nifty Fifty ; The roaring eighties ; What does it all mean?
4. The Explosive Bubbles in the Early Decades of the 2000s. The Internet bubble ; The U.S. housing bubble and crash of the early 2000s ; Bubbles and economic activity ; Mini bubbles in meme stocks ; The bubble in cryptocurrencies ; 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 ; A gaggle of other technical theories to help you lose money ; 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 ; 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 ; 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 ; Behavioral finance and savings ; The limits to arbitrage ; What are the lessons for investors from behavioral finance? ; Does behavioral finance teach ways to beat the market?
11. New Methods of Portfolio Construction: Smart Beta and Risk Parity. What is "smart beta"? ; Four tasty flavors: Their pros and cons ; Blended funds in practice ; Implications for investors ; Risk parity ; 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 ; Exercise 3: Be competitive : Let the yield on your cash reserve keep pace with inflation ; Exercise 4: Learn how to dodge the tax collector ; 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 ; 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 ; The markets from 2009 to 2022 ; Handicapping future returns
14. A Life-Cycle Guide to Investing. Five asset-allocation principles ; Three guidelines to tailoring a life-cycle investment plan ; The life-cycle investment guide ; Life-cycle (target date) funds ; Investment management once you have retired ; Investing a retirement nest egg ; The do-it-yourself method
15. Three Giant Steps Down Wall Street. The no-brainer step: Investing in index funds ; 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
Supplement: How Pork Bellies Acquired an Ivy League Suit: A Primer on Derivatives. Appendix to Supplement: What determines prices in the futures and options markets?
A Random Walker's Address Book and Reference Guide to Mutual Funds and ETFs

In a time of rampant misinformation about ways of growing your money, Burton G. Malkiel's gimmick-free investment guide is more necessary than ever. Whether you're considering your first 401k contribution or contemplating retirement, the fully updated, fiftieth anniversary edition of A Random Walk Down Wall Street remains the best investment guide money can buy. Drawing on his experience as an economist, financial adviser, and successful investor, Malkiel shows why an individual who saves consistently over time and buys a diversified set of index funds can achieve above-average investment results. He addresses current investment fads and critically analyzes cryptocurrencies, NFTs, and meme stocks. Malkiel reveals how to be a tax smart investor and how to make sense of recently popular investment management techniques, including factor investing, risk parity, and ESG portfolios. Investors of every age, experience level, and risk tolerance will find the step-by-step guidance they need to protect and grow their dollars