A Random Walk Down Wall Street
The Time-Tested Strategy for Successful Investing
Burton G. Malkiel
The book presents the argument that asset prices typically exhibit signs of a random walk and that it is therefore impossible for investors to outperform the market consistently through expert stock selection or market timing. It advocates for a passive portfolio management strategy that involves buying and holding a diversified portfolio of assets, emphasizing index funds as a cost-effective method for individual investors to achieve portfolio diversification and good long-term returns.
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