Table of contents for A random walk down Wall Street : the time-tested strategy for successful investing / Burton G. Malkiel.

Bibliographic record and links to related information available from the Library of Congress catalog.

Note: Contents data are machine generated based on pre-publication provided by the publisher. Contents may have variations from the printed book or be incomplete or contain other coding.


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Contents 
Preface 00
Acknowledgments from Earlier Editions 00
Part One Stocks and Their Value
1.	Firm Foundations and Castles in the Air
What Is a Random Walk? 00
Investing as a Way of Life Today 00
Investing in Theory 00
The Firm-Foundation Theory 00
The Castle-in-the-Air Theory 00
How the Random Walk Is to Be Conducted 00
2.	The Madness of Crowds
The Tulip-Bulb Craze 00
The South Sea Bubble 00
Wall Street Lays an Egg 00
An Afterword 00
3.	Stock Valuation from the Sixties through the Nineties
The Sanity of Institutions 00
The Soaring Sixties 00
The New "New Era": The Growth-Stock/New-Issue Craze 00
Synergy Generates Energy: The Conglomerate Boom 00
Performance Comes to the Market: The Bubble in Concept Stocks 00
The Sour Seventies 00
The Nifty Fifty 00
The Roaring Eighties 00
The Triumphant Return of New Issues 00
Concepts Conquer Again: The Biotechnology Bubble 00
ZZZZ Best Bubble of All 00
What Does It All Mean?
The Nervy Nineties 00
The Japanese Yen for Land and Stocks 00
4.	The Biggest Bubble of All: Surfing on the Internet
How Bubbles Arise 00
A Broad-Scale High-Tech Bubble 00
An Unprecedented New-Issue Craze 00
TheGlobe.com 00
Security Analysts $peak Up 00
New Valuation Metrics 00
The Writes of the Media 00
Fraud Slithers In and Strangles the Market 00
Should We Have Known the Dangers? 00
A Final Word 00
Part Two How the Pros Play the Biggest Game in Town
5.	Technical and Fundamental Analysis
Technical versus Fundamental Analysis 00
What Can Charts Tell You? 00
The Rationale for the Charting Method 00
Why Might Charting Fail to Work? 00
From Chartist to Technician 00
The Technique of Fundamental Analysis 00
Three Important Caveats 00
Why Might Fundamental Analysis Fail to Work? 00
Using Fundamental and Technical Analysis Together 00
6.	Technical Analysis and the Random-Walk Theory
Holes in Their Shoes and Ambiguity in Their Forecasts 00
Is There Momentum in the Stock Market? 00
Just What Exactly Is a Random Walk? 00
Some More Elaborate Technical Systems 00
The Filter System 00
The Dow Theory 00
The Relative-Strength System 00
Price-Volume Systems 00
Reading Chart Patterns 00
Randomness Is Hard to Accept 00
A Gaggle of Other Technical Theories to Help You 
Lose Money 00
The Hemline Indicator 00
The Super Bowl Indicator 00
The Odd-Lot Theory 00
A Few More Systems 00
Technical Market Gurus 00
Why Are Technicians Still Hired? 00
Appraising the Counterattack 00
Implications for Investors 00
7.	How Good Is Fundamental Analysis?
The Views from Wall Street and Academia 00
Are Security Analysts Fundamentally Clairvoyant? 00
Why the Crystal Ball Is Clouded 00
1.	The Influence of Random Events 00
2.	The Production of Dubious Reported Earnings through "Creative" Accounting 
Procedures 00
3.	The Basic Incompetence of Many of the Analysts Themselves 00
4.	The Loss of the Best Analysts to the Sales Desk, to Portfolio Management, 
or to Hedge Funds 00
5.	The Conflicts of Interest between Research and Investment Banking 
Departments 00
Do Security Analysts Pick Winners?-The Performance of the Mutual Funds 00
Can Any Fundamental System Pick Winners? 00
The Verdict on Market Timing 00
The Semi-strong and Strong Forms of the Efficient-Market 
Theory 00
The Middle of the Road: A Personal Viewpoint 00
Part Three The New Investment Technology
8.	A New Walking Shoe: Modern Portfolio Theory
The Role of Risk 00
Defining Risk: The Dispersion of Returns 00
Illustration: Expected Return and Variance Measures of Reward and Risk 00
Documenting Risk: A Long-Run Study
Reducing Risk: Modern Portfolio Theory (MPT)
Diversification in Practice
9.	Reaping Reward by Increasing Risk
Beta and Systematic Risk
The Capital-Asset Pricing Model (CAPM) 00
Let's Look at the Record 00
An Appraisal of the Evidence 00
The Quant Quest for Better Measures of Risk: Arbitrage Pricing Theory 00
A Summing Up 00
10.	Behavioral Finance
The Irrational Behavior of Individual Investors 00
Overconfidence 00
Biased Judgments 00
Herding 00
Loss Aversion 00
The Limits to Arbitrage 00
What Are the Lessons for Investors from Behavioral 
Finance? 00
Does Behavioral Finance Teach Ways to Beat the Market? 00
11.	Potshots at the Efficient-Market Theory 
and Why They Miss
What Do We Mean by Saying Markets Are Efficient? 00
Potshots That Completely Miss the Target 00
Dogs of the Dow 00
January Effect 00
"Thank God It's Monday Afternoon" Pattern 00
Hot News Response 00
Why the Aim Is So Bad 00
Potshots That Get Close but Still Miss the Target 00
The Trend Is Your Friend (Otherwise Known as Short-Term 
Momentum) 00
The Dividend Jackpot Approach 00
The Initial P/E Predictor 00
The "Back We Go Again" Strategy (Otherwise Known as Long-Run
Return Reversals) 00
The Smaller Is Better Effect 00
The "Value Will Win" Record 00
Stocks with Low Price-Earnings Multiples Outperform Those with High Multiples 
00
Stocks That Sell at Low Multiples of Their Book Values 
Tend to Produce Higher Subsequent Returns 00
But Does "Value" Really Trump Growth on a Consistent Basis? 00
Why Even Close Shots Miss 00
And the Winner Is . . . 00
The Performance of Professional Investors 00
A Summing Up 00
Part Four A Practical Guide for Random Walkers and Other Investors
12.	A Fitness Manual for Random Walkers
Exercise 1: Gather the Necessary Supplies 00
Exercise 2: Don't Be Caught Empty-Handed: Cover Yourself with Cash Resources and 
Insurance 00
Cash Reserves 00
Insurance 00
Deferred Variable Annuities 00
Exercise 3: Be Competitive-Let the Yield on Your Cash Reserve Keep Pace with 
Inflation 00
Money-Market Mutual Funds 00
Bank Certificates of Deposit (CDs) 00
Internet Banks 00
Treasury Bills 00
Tax-Exempt Money-Market Funds 00
Exercise 4: Learn How to Dodge the Tax Collector
Individual Retirement Accounts 00
Roth IRAs 00
Pension Plans 00
Saving for College: As Easy as 529 00
Exercise 5: Make Sure the Shoe Fits: Understand Your 
Investment Objectives 00
Exercise 6: Begin Your Walk at Your Own Home-Renting Leads to Flabby Investment 
Muscles 00
Exercise 7: Investigate a Promenade through Bond 
Country 00
Zero-Coupon Bonds Can Generate Large Future Returns 00
No-Load Bond Funds Are Appropriate Vehicles for Individual Investors 00
Tax-Exempt Bonds Are Useful for High-Bracket Investors 00
Hot TIPS: Inflation-Indexed Bonds 00
Should You Be a Bond-Market Junkie? 00
Exercise 8: Tiptoe through the Fields of Gold, Collectibles, and Other 
Investments 00
Exercise 9: Remember That Commission Costs Are Not Random; Some Are Cheaper than 
Others 00
Exercise 10: Avoid Sinkholes and Stumbling Blocks: Diversify Your Investment 
Steps 00
A Final Checkup 00
13.	Handicapping the Financial Race: A Primer in 
Understanding and Projecting Returns from 
Stocks and Bonds
What Determines the Returns from Stocks and Bonds? 00
Three Eras of Financial Market Returns 00
Era I: The Age of Comfort 00
Era II: The Age of Angst 00
Era III: The Age of Exuberance 00
The Age of the Millennium 00
14.	A Life-Cycle Guide to Investing
Five Asset-Allocation Principles 00
1.	Risk and Reward Are Related 00
2.	Your Actual Risk in Stock and Bond Investing Depends on the Length of Time 
You Hold Your Investment 00
3.	Dollar-Cost Averaging Can Reduce the Risks of Investing in Stocks and Bonds 
00
4.	Rebalancing Can Reduce Investment Risk and Possibly Increase Returns 00
5.	Distinguishing between Your Attitude toward and Your Capacity for Risk 00
Three Guidelines to Tailoring a Life-Cycle Investment Plan 00
1.	Specific Needs Require Dedicated Specific Assets 00
2.	Recognize Your Tolerance for Risk 00
3.	Persistent Saving in Regular Amounts, No Matter How Small, Pays Off 00
The Life-Cycle Investment Guide 00
Life-Cycle Funds 00
Investment Management Once You Have Retired 00
Inadequate Preparation for Retirement 00
Investing a Retirement Nest Egg 00
Annuities 00
The Do-It-Yourself Method 00
15.	Three Giant Steps Down Wall Street
The No-Brainer Step: Investing in Index Funds 00
The Index-Fund Solution: A Summary
A Broader Definition of Indexing
A Specific Index-Fund Portfolio
ETFs and the Tax-Managed Index Fund
The Do-It-Yourself Step: Potentially Useful 
Stock-Picking Rules 00
Rule 1: Confine stock purchases to companies that appear able to sustain above-
average earnings growth for at least five years 00
Rule 2: Never pay more for a stock than can reasonably be justified by a firm 
foundation of value 00
Rule 3: It helps to buy stocks with the kinds of stories of anticipated growth 
on which investors can build castles in the air 00
Rule 4: Trade as little as possible 00
The Substitute-Player Step: Hiring a Professional Wall Street Walker 00
The Morningstar Mutual-Fund Information Service 00
A Primer on Mutual-Fund Costs 00
Loading Fees 00
Expense Charges 00
Turnover Costs 00
The 50-50 Rule 00
The Malkiel Step 00
A Paradox 00
Some Last Reflections on Our Walk 00
A Random Walker's Address Book and Reference Guide to Mutual Funds 00
Index 00

Library of Congress Subject Headings for this publication:

Investments.
Stocks.
Random walks (Mathematics).