A Random Walk Down Wall Street, written by Burton Malkiel, a Princeton economist, is an influential book on the subject of stock markets. Malkiel argues that asset prices typically exhibit signs of random walk and that one can not consistently outperform market averages. The book is frequently cited by those in favor of the efficient market hypothesis. Burton Gordon Malkiel (born August 28, 1932) is an American economist and writer, most famous for his classic finance book A Random Walk Down Wall Street (now in its 8th edition, 2003). ... Princeton University is a coeducational private university located in Princeton, New Jersey. ... Buyers bargain for good prices while sellers put forth their best front in Chichicastenango Market, Guatemala. ... Brockhaus Konversations-Lexikon, 1902. ... The New York Stock Exchange A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ... In mathematics and physics, a random walk, sometimes called a drunkards walk, is a formalisation of the intuitive idea of taking successive steps, each in a random direction. ... In finance, the efficient market hypothesis (EMH) asserts that financial markets are efficient, or that prices on traded assets, e. ...

Malkiel describes how both the academics and Wall street money makers are both irrelevant. If you buy and hold a diversified portfolio of stocks you will end up RICH.

If you constantly influenced by news coverage of the next hot sector or trust a money manager to constantly move your money around to said sectors/stocks you will give a large portion of your retirement to fees/yatchs for the money manager.

Malkiel Provided very entertaining walk through the various ways in which wall Street tries to justify itself. In the end he proves that "buy and hold" is the only way a rational investor should act.

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