title: The Random Walk Guide to Investing: Ten Rules for Financial Success
author:  Burton G. Malkiel 
description: Burton G. Malkiel is the Chemical Bank Chairman's Professor of Economics Emeritus at Princeton University. He is a former member of the Council of Economic Advisers, dean of the Yale School of Management, and has served on the boards of several major corporations, including Vanguard and Prudential Financial. He is the chief investment officer of Wealthfront.
zlib_text: 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  A RANDOM WALK
  
  
  DOWN WALL STREET
  
  
  ![img](images/frline.jpg)
  
  
  The Time-Tested Strategy for  
  Successful Investing
  
  
  ![img](images/frline.jpg)
  
  
  BURTON G. MALKIEL
  
  
  ![img](images/pub.jpg)
  
  
  W. W. NORTON & COMPANY
  
  
  _Independent Publishers Since 1923_
  
  
  New York • London
  
  
  FOR NANCY AND PIPER
  
  
  ![img](images/frline.jpg)
  
  
  CONTENTS
  
  
  [_Preface_](Preface.xhtml)
  
  
  [_Acknowledgments from Earlier Editions_](Ack.xhtml)
  
  
  [Part One  
  **STOCKS AND THEIR VALUE**](Part1.xhtml)
  
  
  [1\. **FIRM FOUNDATIONS AND CASTLES IN THE AIR**](Ch01.xhtml)
  
  
  [What Is a Random Walk?](Ch01.xhtml#Sec1_1)
  
  
  [Investing as a Way of Life Today](Ch01.xhtml#Sec1_2)
  
  
  [Investing in Theory](Ch01.xhtml#Sec1_3)
  
  
  [The Firm-Foundation Theory](Ch01.xhtml#Sec1_4)
  
  
  [The Castle-in-the-Air Theory](Ch01.xhtml#Sec1_5)
  
  
  [How the Random Walk Is to Be Conducted](Ch01.xhtml#Sec1_6)
  
  
  [2\. **THE MADNESS OF CROWDS**](Ch02.xhtml)
  
  
  [The Tulip-Bulb Craze](Ch02.xhtml#Sec2_1)
  
  
  [The South Sea Bubble](Ch02.xhtml#Sec2_2)
  
  
  [W