A Random Walk Down Wall Street.

MALKIEL, Burton G.

$4,800.00

Item Number: 133519

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

First edition of this classic work, one of the “few great investment books” (Andrew Tobias). Octavo, original cloth. Boldly signed by the author on the front free endpaper, “with best wishes Burt.” Near fine in a near fine price-clipped dust jacket. Jacket design by Jay J. Smith. Housed in a custom half morocco clamshell box.

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.