A Random Walk Down Wall Street
(W. W. Norton & Company, Inc.)
Burton G. Malkiel (1973)
Perhaps the ultimate statement of the “efficient-market hypothesis”—i.e., the market is governed by randomness and “reversion to mean” (meaning averages prevail in the long run), so there’s not much point in trying to beat it. Warren Buffett might disagree, but since most of us are not Warren Buffett, we’re probably better off heeding Malkiel’s advice (see book No. 6.)
