A Random Walk Down Wall Street Burton G Malkiel

STOCKS AND THEIR VALUE

1. FIRM FOUNDATIONS AND CASTLES IN THE AIR

What Is a Random Walk?

Investing as a Way of Life Today

Investing in Theory

The Firm-Foundation Theory

The Castle-in-the-Air Theory

How the Random Walk Is to Be Conducted

2. THE MADNESS OF CROWDS

The Tulip-Bulb Craze

The South Sea Bubble

Wall Street Lays an Egg

An Afterword

3. SPECULATIVE BUBBLES FROM THE SIXTIES INTO THE

NINETIES

The Sanity of Institutions

The Soaring Sixties

The New “New Era”: The Growth-Stock/New-Issue Craze

Synergy Generates Energy: The Conglomerate Boom

The Nifty Fifty

The Roaring Eighties

The Return of New Issues

ZZZZ Best Bubble of All

What Does It All Mean?

The Japanese Yen for Land and Stocks

4. THE EXPLOSIVE BUBBLES IN THE EARLY DECADES OF THE

2000s

The Internet Bubble

A Broad-Scale High-Tech Bubble

Yet Another New-Issue Craze

TheGlobe.com

Security Analysts $peak Up

New Valuation Metrics

The Writes of the Media

Fraud Slithers In and Strangles the Market

Should We Have Known the Dangers?

The U.S. Housing Bubble and Crash of the Early 2000s

The New System of Banking

Looser Lending Standards

The Housing Bubble

Bubbles and Economic Activity

Does This Mean That Markets Are Inefficient?

Mini Bubbles in Meme Stocks

The Bubble in Cryptocurrencies

Bitcoin and Blockchain

Is Bitcoin Real Money?

Should the Bitcoin Phenomenon Be Called a Bubble?

What Can Make the Bitcoin Bubble Deflate?

Other Digital Mini-Bubbles

Lessons Learned

Part Two

HOW THE PROS PLAY THE BIGGEST GAME IN TOWN

5. TECHNICAL AND FUNDAMENTAL ANALYSIS

Technical versus Fundamental Analysis

What Can Charts Tell You?

The Rationale for the Charting Method

Why Might Charting Fail to Work?

From Chartist to Technician

The Technique of Fundamental Analysis

Three Important Caveats

Why Might Fundamental Analysis Fail to Work?

Using Fundamental and Technical Analysis Together

6. TECHNICAL ANALYSIS AND THE RANDOM-WALK THEORY

Holes in Their Shoes and Ambiguity in Their Forecasts

Is There Momentum in the Stock Market?

Just What Exactly Is a Random Walk?

Some More Elaborate Technical Systems

The Filter System

The Dow Theory

The Relative-Strength System

Price-Volume Systems

Reading Chart Patterns

Randomness Is Hard to Accept

A Gaggle of Other Technical Theories to Help You Lose Money

The Hemline Indicator

The Super Bowl Indicator

Dogs of the Dow

January Effect

A Few More Systems

Technical Market Gurus

Appraising the Counterattack

Implications for Investors

7. HOW GOOD IS FUNDAMENTAL ANALYSIS? THE EFFICIENTMARKET

HYPOTHESIS

The Views from Wall Street and Academia