"A Random Walk Down Wall Street" by Burton Malkiel is a classic investment book that has been updated and revised several times since its initial publication in 1973.
The book argues that it is nearly impossible to consistently outperform the stock market over the long term through active stock picking or market timing.
Malkiel introduces the concept of a "random walk" to describe the unpredictable movements of the stock market.
He also explores the efficient market hypothesis, which suggests that stock prices reflect all available information and are therefore always accurately priced.
The book covers various investment strategies, including index investing, asset allocation, and diversification.
Malkiel also discusses the role of psychology in investing and the dangers of following fads and speculation.
The latest edition of the book includes a discussion of the rise of passive investing and the impact of technology on the financial industry.
Overall, "A Random Walk Down Wall Street" provides a valuable perspective on investing and the importance of taking a long-term, diversified approach to building wealth.
It has been praised for its clear writing style and accessibility to both novice and experienced investors.
The book remains a popular and influential work in the field of finance and has sold over 1.5 million copies.