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1、 A RANDOM WALK DOWN WALL STREET A RANDOM WALK DOWN WALL STREET The Time-Tested Strategy for Successful Investing BURTON G. MALKIEL W. W. NORTON Some Are Lower than Others Exercise 10: Avoid Sinkholes and Stumbling Blocks: Diversify Your Investment Steps A Final Checkup 13. HANDICAPPING THE FINANCIAL
2、 RACE: A PRIMER IN UNDERSTANDING AND PROJECTING RETURNS FROM STOCKS AND BONDS What Determines the Returns from Stocks and Bonds? Four Eras of Financial Market Returns Era I: The Age of Comfort Era II: The Age of Angst Era III: The Age of Exuberance Era IV: The Age of Disenchantment Handicapping Futu
3、re Returns 14. A LIFE-CYCLE GUIDE TO INVESTING Five Asset-Allocation Principles 1. Risk and Reward Are Related 2. Your Actual Risk in Stock and Bond Investing Depends on the Length of Time You Hold Your Investment 3. Dollar-Cost Averaging Can Reduce the Risks of Investing in Stocks and Bonds 4. Reba
4、lancing Can Reduce Investment Risk and Possibly Increase Returns 5. Distinguishing between Your Attitude toward and Your Capacity for Risk Three Guidelines to Tailoring a Life-Cycle Investment Plan 1. Specific Needs Require Dedicated Specific Assets 2. Recognize Your Tolerance for Risk 3. Persistent
5、 Saving in Regular Amounts, No Matter How Small, Pays Off The Life-Cycle Investment Guide Life-Cycle Funds Investment Management Once You Have Retired Inadequate Preparation for Retirement Investing a Retirement Nest Egg Annuities The Do-It-Yourself Method 15. THREE GIANT STEPS DOWN WALL STREET The
6、No-Brainer Step: Investing in Index Funds The Index-Fund Solution: A Summary A Broader Definition of Indexing A Specific Index-Fund Portfolio ETFs and the Tax-Managed Index Fund The Do-It-Yourself Step: Potentially Useful Stock-Picking Rules Rule 1: Confine stock purchases to companies that appear a
7、ble to sustain above-average earnings growth for at least five years Rule 2: Never pay more for a stock than can reasonably be justified by a firm foundation of value Rule 3: It helps to buy stocks with the kinds of stories of anticipated growth on which investors can build castles in the air Rule 4
8、: Trade as little as possible The Substitute-Player Step: Hiring a Professional Wall Street Walker The Morningstar Mutual-Fund Information Service The Malkiel Step A Paradox Some Last Reflections on Our Walk A Final Word A Random Walkers Address Book and Reference Guide to Mutual Funds PREFACE IT HA
9、S NOW been forty years since I began writing the first edition of A Random Walk Down Wall Street. The message of the original edition was a very simple one: Investors would be far better off buying and holding an index fund than attempting to buy and sell individual securities or actively managed mu
10、tual funds. I boldly stated that buying and holding all the stocks in a broad stock-market average was likely to outperform professionally managed funds whose high expense charges and large trading costs detract substantially from investment returns. Now, forty years later, I believe even more stron
11、gly in that original thesis, and theres more than a six-figure gain to prove it. I can make the case with great simplicity. An investor with $10,000 at the start of 1969 who invested in a Standard each provides a different perspective on the stock market. First is my professional experience in the f
12、ields of investment analysis and portfolio management. I started my career as a market professional with one of Wall Streets leading investment firms. Later, I chaired the investment committee of a multinational insurance company and for many years served as a director of one of the worlds largest i
13、nvestment companies. These perspectives have been indispensable to me. Some things in life can never fully be appreciated or understood by a virgin. The same might be said of the stock market. Second is my current position as an economist. Specializing in securities markets and investment behavior,
14、I have acquired detailed knowledge of academic research and findings on investment opportunities. I have relied on many new research findings in framing recommendations for you. Last, and certainly not least, I have been a lifelong investor and successful participant in the market. How successful I
15、will not say, for it is a peculiarity of the academic world that a professor is not supposed to make money. A professor may inherit lots of money, marry lots of money, and spend lots of money, but he or she is never, never supposed to earn lots of money; its unacademic. Anyway, teachers are supposed
16、 to be “dedicated,” or so politicians and administrators often say especially when trying to justify the low academic pay scales. Academics are supposed to be seekers of knowledge, not of financial reward. It is in the former sense, therefore, that I shall tell you of my victories on Wall Street. This book has a lot of facts and figures. Dont let that worry you. It is specifically intended for the financial layperson and offers practical, tested investm
