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Title: One of the few investment books worth reading
Review: Concise, thorough, and fair: Malakiel lays out efficient markets theory (the economics of information), and debunks anyone who claims to have a "special edge" on the markets.Sure, real world markets have frictions. The important question is not "Does the real world differ from the world of the model?" but "Does it differ enough to make a difference?" Malakiel argues that it doesn't differ enough to make a difference.Some of Malakiel's examples are a bit antiquated, and anyone with a strong math/finance background will feel as if they're sitting in the dunce class during some of Malakiel's explanations. And the very last part of the book, where he gives investment recommendations, seems to contradict the main part of his theory: he claims that some investments (basically, contrarianism) can consistently beat the market! Huh?Overall, however, this is an extremely valuable, and even enjoyable book.
