A Random Walk Down Wall Street: The Time-Tested Strategy for by Burton G. Malkiel PDF

By Burton G. Malkiel

ISBN-10: 0393081435

ISBN-13: 9780393081435

The easiest funding advisor funds can purchase, with over 1.5 million copies bought, now absolutely revised and updated.

"Almost each record of must-read funding books . . . contains Malkiel's Random Walk." —Booklist
Especially within the wake of the monetary meltdown, readers will starvation for Burton G. Malkiel’s reassuring, authoritative, gimmick-free, and perennially best-selling advisor to making an investment. With 1.5 million copies offered, A Random stroll Down Wall Street has lengthy been tested because the first ebook to buy while beginning a portfolio. as well as protecting the total variety of funding possibilities, the publication beneficial properties new fabric at the nice Recession and the worldwide credits trouble in addition to an elevated specialise in the long term power of rising markets. With a brand new complement that tackles the more and more complicated international of derivatives, besides the book’s vintage life-cycle advisor to making an investment, A Random stroll Down Wall Street is still the easiest funding consultant cash should buy.

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Additional info for A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Completely Revised and Updated)

Sample text

The return on time is also a problem—you spend so many hours analyzing new products and technology trends that 50 percent of your time gets spent on 5 to 10 percent of your portfolio. At the same time, technology is an important driver of economic growth and grows at above‐GDP rates, so we want to have exposure to it. We like to attack difficult industries through the side door, so to speak. With Arrow Electronics, for example, we can own a leading distributor of technology products—including semiconductors, software and electronic components—that supplies mostly small and medium‐sized companies.

Mariko Gordon, Daruma Capital Management The traditional reason for looking at a small‐cap stock, which is less liquid, less known, and therefore theoretically riskier, is because it can grow faster. What happens as a result is that people crowd into the same 200 names that are rock‐star growers, leaving aside a large number of smaller companies that may still have excellent prospects but fall between the cracks. We have always been about finding those types of companies and learned through experience early on that (1) you want to invest in companies with great balance 42 Field of Play sheets; (2) you want to take a long‐term view; (3) the price you pay matters a lot; and (4) you have to be diversified.

In my experience, if we’re wrong with a smaller company focused on one product or one geography, there’s too much risk it’s going to zero. —Daniel Bubis, Tetrem Capital I build an earnings model from scratch for every material position in the fund, which is the best way to understand the key drivers of the business and its profitability. I’m looking for opportunities in which I have a differentiated view on forward earnings, preferably revenue‐driven. By focusing on better‐followed mid‐cap and large‐ cap stocks, I can have a much better understanding of what constitutes consensus, and specifically how and where my view varies from it.

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A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Completely Revised and Updated) by Burton G. Malkiel


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