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Title: One of the Best Investment Books Ever - Theory is Good
Review: Anyone who gives this book a bad rating is likely to have an agenda of profiting from fruitless trading by amateurs. Malkiel points out vividly that the market is not perfectly efficient, but is efficient enough that time and money spent trying to beat it negates any advantage earned by the majority of participants. Of course, out of a population of millions of investors there will be extreme outliers to the mean like Buffett and Lynch just like there are winners of million dollar lotteries. This does not invalidate the theory by any means. To say it does, is either naive or self serving. A Random Walk starts out with a very entertaining look at past manias and the eventual outcomes when value rears its persistent head. What follows is an education that all investors should experience before they tread into the shark infested waters of Wall Street.
