Burton Malkiel's Random Walk
This week on our Masters in Business podcast, we speak with Burton Malkiel, economics professor at Princeton University and author of the best-selling "A Random Walk Down Wall Street," now in its 11th edition.
Malkiel, who was a director for the Vanguard Group for 28 years and now is chief investment officer for robo-adviser Wealthfront, touched on everything from how he urged the creation of index funds to why “a blindfolded monkey throwing darts at a newspaper’s financial pages" would match the investment performance of the best professional stock pickers. This is because markets are now filled with smart, hard-working and insightful managers with a vast wealth of technology at their fingertip. Alpha, or market-beating returns, are almost immediately competed away.
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