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  • A Random Walk Down Wall Street, 12th Edition

  • The Time Tested Strategy for Successful Investing
  • Written by: Burton G. Malkiel
  • Narrated by: George Guidall
  • Length: 11 hrs and 42 mins
  • 4.6 out of 5 stars (70 ratings)

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A Random Walk Down Wall Street, 12th Edition cover art

A Random Walk Down Wall Street, 12th Edition

Written by: Burton G. Malkiel
Narrated by: George Guidall
Free with 30-day trial

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Publisher's Summary

The best investment guide money can buy, with more than 1.5 million copies sold, now fully revised and updated.

Today's stock market is not for the faint of heart. At a time of frightening volatility, what is the average investor to do? The answer: Turn to Burton G. Malkiel's advice in his reassuring, authoritative, gimmick-free, and perennially best-selling guide to investing. Long established as the first book to purchase before starting a portfolio or 401(k), A Random Walk Down Wall Street now features new material on "tax-loss harvesting", the crown jewel of tax management; the current bitcoin bubble; and automated investment advisers; as well as a brand-new chapter on factor investing and risk parity. 

And as always, Malkiel's core insights - on stocks and bonds, as well as real estate investment trusts, home ownership, and tangible assets like gold and collectibles - along with the book's classic life-cycle guide to investing, will help restore confidence and composure to anyone seeking a calm route through today's financial markets.

©2019 W.W. Norton & Company Inc. (P)2019 Recorded Books

What listeners say about A Random Walk Down Wall Street, 12th Edition

Average Customer Ratings
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    5 out of 5 stars

An Amazing journey down Investing

Burton G Malkiel starts from history of investing to investment strategies. This book should be considered as a Bible for investors. I really likes one pharse in the book " Investing is like love making, Ultimately it is an art requiring some talent and the presense of a serious force called LUCK". Thank you for this wonderful book.

2 people found this helpful

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Reader is breathless and not very clear.

Also, the book is mostly about what happened in 15th and 16th century. not what

1 person found this helpful

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Must read for new Investors

New Investors must read this. Covers a wide variety of topics including Technical Analysis vs Fundamental Analysis, Investing for Tax saving as well as Real Estate and Gold. But may not be useful for Advanced Investors and Traders.

1 person found this helpful

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one of the best personal finance books

one of the best personal finance books. The book reduces the urge to find extra ordinary returns and focus on things we can control, which can make a considerable difference in the long run.

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very good book no hardcopy some chapters can be

very good book
no hardcopy
some chapters can be repeated.
very good book
no hardcopy
some chapters can be repeated.

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Timeless classic

Always a recommended book for someone entering the financial markets. Good narration considering the length of the book , the narration doesn’t get boring which is appreciable. One big key takeaway is the power and importance of index fund which can be clearly observed in today’s markets as well . From time to time book provided good anecdotes and analogies to explain concepts which made it enjoyable. Read it once at least!

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The Best Ever

The best ever Book on investment that I have come across. Glad I listened to the entire Book.

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best book

loved it ..must read for investors..just amazing. Story Telling at its best !index is the answer.

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Excellent book and strategies explained

Must read book for every individual to have successful in managing fimacial goals at low risk and better returns

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Good all round book

History of stock mkt, references to bubbles around the world and across the length of time. Describes very well the manic depressive nature of stock mkts. But doesn't encourage to invest directly in stocks. In the end it preaches more of an index ETF investment philosophy. So unless you're looking for a secret sauce to invest directly in stocks go for it!

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  • P. Kastenholz
  • 27-06-19

Why no pdf of charts???

I'm disappointed that the charts are not available in pdf like many of the other finance books I have listened too.

44 people found this helpful

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  • BowsNSteel
  • 15-10-19

Horrible book for Audiobook.

For a person that is trying to learn about the market, this book is extremely difficult to understand by only hearing at it. You need to accompany it with the written version. It has sections when it literally gives you actual math to think about. Extremely misleading, you learn very little like that. Mostly if investing in the market is something you have not done on your own beyond a simple 401K. Extremely disappointed.

22 people found this helpful

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  • GoldenPond
  • 07-04-19

Boring to listen to

I really did not care for this guy and his voice, he had a smugness to him in a weird style of speaking that I just found a really annoying. I think this actual book has lots of tables and data which again makes listening to not enjoyable.

8 people found this helpful

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  • Cassidy
  • 15-03-19

a wonderful update to a classic

the author mentions so many interesting ideas and even though the book is a bit repetitive, the style and jokes make it very readable.

6 people found this helpful

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  • Will
  • 22-05-19

Essential for beginning investors

This book is essential for anyone interested in starting to invest. Would make an excellent gift for any new college grad.

5 people found this helpful

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    3 out of 5 stars
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  • mapi
  • 20-09-20

lose the unnecessary references to sex; ....

... they add nothing and only appeal to male audience. I feel book downplays risks of common ownership. okay book overall.

4 people found this helpful

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  • chelsea
  • 02-01-21

Basically investing is not a science and saving your money over time works

This is an OK book. Difficult to follow along, I found myself drifting in and out of thought while listening to this book. The general gist is that people are wild about their money and follow a herd mentality when it comes to investing. It’s more of a gamble and regardless of how you approach the market there’s no guarantee your investment will pay off or that your product will continue to grow in value over time. Better to set your money into a savings or CD account and get life insurance. That’s my take away from it.

2 people found this helpful

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  • volan
  • 15-08-19

Excellent investment advice, poor narration

Like the title says, I believe that the advice provided in the book is excellent and practical. The author provides premise, data, and conclusions for his theories based on decades of work.

Unfortunately the narrator did not do the book justice, he has a very steccato style. That takes away from the listening experience.

2 people found this helpful

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  • Martin Fierro
  • 29-08-20

Absolutely a Classic on Investment

If you will read only one book on investing, this should be it. Subsequent editions have absolutely kept it current.
I am a retired attorney and banker, but I learned a great deal. Both the content and the approach were fabulous.
I highly recommend this book.

1 person found this helpful

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  • A.S. Hall
  • 23-07-20

History Repeats Itself

A story about the beginning of the stock market through modern times. Who knew defective tulips & the slave trade had initial bearings on Trading.

1 person found this helpful

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  • A. Burhan
  • 07-08-19

Thee case for Index tracking

This books content and narration was straightforward to understand and paves the way to get you started on your investment journey. Follow the market, don't try to beat it. I also enjoyed the history of past bubbles and bursts. those who don't learn from the past are destined to repeat it.

3 people found this helpful

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  • Anonymous User
  • 11-02-20

an eye-opener

I thought I was going to get a book regarding tips and tricks of manipulating the stock market. Instead I'm pleasantly surprised to learn how to make returns just as good as playing the markets but without the heartache headache.

1 person found this helpful

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  • Anonymous User
  • 20-12-22

Timeless wisdom

One of those books that you should read every few years. More technical and in-depth than some of the other great ones.

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    5 out of 5 stars
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  • Vikram Dhar
  • 21-05-22

Brilliant Book

it is one of the best books on investing I have read. this book is up there with Ben Graham's ,"The Intelligent Investor".

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    2 out of 5 stars
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  • anonymous1
  • 03-05-22

Difficult to listen to

The content is good but the narrator sounds like his tongue is stuck on a metal pole while talking. Makes listening rather painful. Couldn’t they find someone without a lisp to narrate?!

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  • haly
  • 20-10-21

good introductory book on investing

This book provides a very strong foundational knowledge about investing in the stock market.
this is not get rich quick insights but rather sensible advice on how to grow your investments in a safe reliable way to provide for one's retirement.

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  • DS
  • 18-05-21

great read

classic book articulating the benefits of index investing with some very clear, down to earth arguments

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    5 out of 5 stars
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  • William
  • 16-04-21

Brilliant.

This book should be the first book any budding investor reads before buying one stock at any price.

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    5 out of 5 stars
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    3 out of 5 stars
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  • M.Hardy
  • 13-04-21

Good Information

Easy to understand and very insightful. Read this before committing to buying any stocks.






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  • eushopper
  • 16-01-21

Listened again and it is still fresh

I have read an ealier edition many years ago. Listened again the latest edition now and enjoyed it. It included some recent events and actualities and the book is still a very valid and good read for anyone dealing with investments, so practically for everyone.

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  • Amazon Customer
  • 05-05-19

Great listen

I’ve been a financial advisor for well over a decade and worked with both active and passive managers. This is a fantastic and realistic outlook on investing that everyone should listen too. Parts of the book are only relevant to the USA, but the core message applies to everyone.

5 people found this helpful

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  • JEFFREY
  • 20-02-21

A timely read tosay

This updated 45 year old book could not be more timely in the age of Reddit disruptive day traders following two oft-used terms in this book, "castles in the sky" and looking for buyers more gullible and thus inflating prices also called pump and dump.

3 people found this helpful

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  • Robert
  • 01-05-21

The go to book for any investor

This book details some of the best information anyone interested in investment can access, highly recommended.

1 person found this helpful

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    3 out of 5 stars
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  • Anonymous User
  • 21-07-22

The Book is Clear and Easy to Understand But Wrong

The Book is Clear and Easy to Understand But Wrong it was more right 50 years ago but it was still wrong.

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  • Alex
  • 13-07-22

A brilliant must-listen for every new investor

A fantastic listen, and one I’ll be referring back to again constantly.
It has confirmed my learnings that investing is a long-haul game, but in such elegantly simple phrasing I’ve not encountered elsewhere.
This book puts difficult concepts into marvellously concise wording and clearly explains the principles behind the acronyms you’re constantly Googling.
I’ve sunk hours into YouTube investing strategy videos, listened to countless podcasts, followed the word of Buffett..
I’d honestly go so far as to say - before you’ve invested any money in the markets - listen to this.
This has now taken my #1 spot for a financial guidance text.
I’m attempting to convince my friends to read this. Hell I’m even offering to buy it for them. What does that tell you?
This book has essentially given me the tools to rethink both investing as a whole and my strategy within it.
Kudos also to the author for keeping the content updated & relevant.
Congratulations also for being able to so effectively communicate deep financial concepts by text / voice alone. No charts or PDF’s needed to follow along here.
LISTEN TO THIS BOOK
FUTURE YOU WILL THANK YOU

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  • PATRICK J. WOODCRAFT
  • 09-07-22

A superb guide to understanding the world of equity investing

This latest addition is every bit as relevant and insightful now as the first edition was when it was first released.

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    4 out of 5 stars
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  • Robert Blake
  • 25-02-22

First half of the book quite dull, but second half contains useful gems

The narration is not that great though, it has the effect of putting one to sleep. But the contents (especially in the later parts of the book) do make up for this

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  • Anonymous User
  • 20-04-21

An insightful classic

A reliable and well written guide to dependable, safe investing. Particularly in index funds over time.

  • Overall
    3 out of 5 stars
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    3 out of 5 stars
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  • Chris Hall
  • 18-07-19

Good beginner book

Those new to shares and investing will likely very a lot out of this book. Those who have read widely on these topics may not find new information here.

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    5 out of 5 stars
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  • Tamaine
  • 01-05-19

Great book

Everything you ever needed to know about stocks, the stock market indexing and even more