Ep19 - "A Random Walk Down Wall Street" by Burton Malkiel w/ guest John Gilmore, MBA
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Ep19 - "A Random Walk Down Wall Street" by Burton Malkiel w/ guest John Gilmore, MBA
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概要
#BLUFFbooks 📚 — “A Random Walk Down Wall Street” (p. 1973, 4th edition in 2016) by Burton Malkiel, PhD
Subtitle: "The Time-Tested Strategy for Personal Investing.”
💡Big Ideas Below: ⬇️
🧠1) "Castles in the Air" -- Do we rely on fundamental analysis or technical analysis (AKA "charting") in order to pick stocks? The famous "Keynesian beauty contest" thought experiment has some interesting implications.
🧠2) Can’t Beat The Market — The efficient market hypothesis (EMH) says that the price of any publicly traded asset will rapidly adjust to reflect all currently available knowledge concerning it. But beware, while bubbles (i.e. housing circa 2008) do eventually pop - the market might stay irrational far longer than you can remain solvent!
🧠3) Buy & hold — Your biggest enemy when investing…is the man in mirror. Its' often better to automate monthly contributions to mutual funds that reflect major indices like the S&P 500.
🧠 4) “No Pain, No…” — A spoonful of risk is good (necessary even) for your investment portfolio to grow. Modern Portfolio Theory (MPT) though says you should try to buy securities with inversely correlated returns.