ARandomWalkDownWallStreet_TheTime-Tested.epub - (EPUB全文下载)
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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 & COMPANY
New York • London
Copyright © 2011, 2007, 2003, 1999, 1996, 1990, 1985, 1981, 1975, 1973 by W. W. Norton & Company, Inc.
The article on page 324 entitled “Red Faces in Park” appears courtesy of Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world. © Thomson Reuters 2009. Thomson Reuters journalists are subject to an Editorial Handbook, which requires fair presentation and disclosure of relevant interests.
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For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110
Library of Congress Cataloging-in-Publication Data
Malkiel, Burton Gordon. A random walk down Wall Street: the time-tested strategy for successful investing / Burton G. Malkiel. p. cm. Rev. ed. ISBN: 978-0-393-08169-5 1. Investments. 2. Stocks. 3. Random walks (Mathematics) I. Title. HG4521.M284 2011 332.601’519282—dc22
2010041866
W. W. Norton & Company, Inc. 500 Fifth Avenue, New York, N.Y. 10110www.wwnorton.com
W. W. Norton & Company Ltd. Castle House, 75/76 Wells Street, London W1T 3QT
TO NANCY AND SKIPPER
CONTENTS
Preface
Acknowledgments from Earlier Editions
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 New “New Era”: The Growth-Stock/New-Issue Craze
Synergy Generates Energy: The Conglomerate Boom
Performance Comes to the Market: The Bubble in Concept Stocks
The Nifty Fifty
The Roaring Eighties
The Return of New Issues
Concepts Conquer Again: The Biotechnology Bubble
ZZZZ Best Bubble of All
What Does It All Mean?
The Japanese Yen for Land and Stocks
4. THE EXPLOSIVE BUBBLES OF THE EARLY 2000S
T ............
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