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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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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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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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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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A must read book for managing his own money.

1. History of financial assets are worth reading at different points of time.
2. Asset allocation and different assets.
3. Bubbles and Pessimism.
4. Index funds and Mutual funds.
5. Insurance,Tax savings and Tax harvesting
6. Retirement plan and benefits
7. 5 Asset allocation principles
8. GARP AND CAPM models
7. Fundamental,Technical, Momentum,Index and factor based models.
8. Bonds and Interest rate and inflation
9. Gold and REITS as investment vehicle
10. Cycles and Business cycles in investing
Worth listening again and again

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Must Read

This book clears all the concepts related to stock market in a fun and humourous way. It is a must read for anyone interested in investing (especially stock market).

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best personal finance book

best book for cavets of understanding personal finance. writer has done a great job of explaining what various types of assets and startegies can be adopted to be financially independent in long run

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    3 out of 5 stars
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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.

28 people found this helpful

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  • skatensteel
  • 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.

12 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.

5 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.

3 people found this helpful

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  • Afueramor
  • 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.

7 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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  • Jason Houle
  • 02-06-20

Classic and must-listen

Malkiel, a front-runner of index investing, distils the best and latest understanding of investing practice. Fantastic rendition by Guidall. Possibly not for the complete beginner but the best place to come after getting mixed up trying to follow stock tips or get-rich-quick advice.

1 person 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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  • Viper7
  • 12-04-21

Better to Read the Book than the Audio

Great content, just not happy with the narrator. He does not have a strong enough voice and is generally reading the book like he’s reading off a cue card rather than a natural progression. It’s read almost like he was in a hurry to just get it over with.

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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.

2 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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  • 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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  • Anonymous User
  • 04-12-20

An excellent book for investors of all types.

An interesting, well-argued, and inspiring book. I recommend any investor, but particularly interested beginners, read this evidently timeless read.

JC

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  • Hasnat Safder
  • 09-08-20

Had some compelling arguments on investing

This books main theme is supporting index investing and not to try too much in stock picking. Alot of it makes sense specially how the author presented his recommendations with historical data.
Good narration by George Guidall.

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  • Nicklas Kling
  • 28-07-20

Essential for investing.

Get the fundamental information about investing and what to invest in. Get information about funds and stocks. What to choose and what to think. And why so. Really good book that I truly recommend everyone that is having or want to have money in the stock market in some way! Thanks a lot for making this book :)

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  • Some Guy
  • 20-07-19

Great introduction for the newbie

A very in depth, but still accessible guide for those new to investing. Makes his point strongly, but always backs this up with research and offers advice on how to reduce risk, if you don't want to follow the main advice on offer.

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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.

4 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.

1 person found this helpful

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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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  • Tamaine
  • 01-05-19

Great book

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

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  • Anonymous User
  • 22-04-19

Well written, and very informative

The author substantiates his arguments by drawing from examples throughout the history.
The 'average' results from index funds sound rather appealing, given that they beat the returns of actively ma managed funds.