A Random Walk Down Wall Street

A Random Walk Down Wall Street, written by Burton Gordon Malkiel, a Princeton University economist, is a book on the subject of stock markets which popularized the random walk hypothesis. Malkiel argues that asset prices typically exhibit signs of a random walk, and thus one cannot consistently outperform market averages. The book is frequently cited by those in favor of the efficient-market hypothesis. After the twelfth edition, over 1.5 million copies had been sold, with the thirteenth edition being released in 2023 to coincide with the fiftieth anniversary of the original release. A practical popularization is The Random Walk Guide to Investing: Ten Rules for Financial Success.