A Random Walk Down Wall Street.

MALKIEL, Burton G.

$5,800.00

Item Number: 147136

New York: W.W. Norton & Company, 1973.

First edition of this Wall Street classic. Octavo, original cloth. Lengthily signed by the author on the front free endpaper with a transcription from the book as follows, “In this book I take you on a random walk down Wall Street, providing a guided tour of the complexities of finance. Burt Malkiel.” Near fine in a near fine dust jacket. Jacket design by Jay J. Smith. Housed in a custom half morocco clamshell box made by the Harcourt Bindery.

Malkiel's work originally published in 1973 popularized the random walk hypothesis. In it he argues that asset prices typically exhibit signs of random walk and that one cannot consistently outperform market averages. The book is frequently cited by those in favor of the efficient-market hypothesis. As of 2019, there have been twelve editions and over 1.5 million copies sold.