A Random Walk Down Wall Street

Burton Malkiel is the author of A Random Walk Down Wall Street, writing the book in 1973 and continuing to add to and revise the work over 13 editions since that time. Malkiel received both his bachelor’s and MBA, or Master of Business Administration, from Harvard University in the 1950s. Following graduation, and after serving in the US Army Finance Corps as a lieutenant for three years, he joined the Smith, Barney & Co. investment firm, but he ultimately returned to school in 1964, receiving a doctorate degree in economics from Princeton University. Malkiel’s specialization is in the pricing of financial assets, which he discusses in Random Walk using the firm-foundation and castle-in-the-sky theories. In addition to 13 editions of Random Walk, Malkiel has published 11 books and over 150 articles covering finance, opinion, and reviews.

Malkiel has worked in finance directly through much of his career, currently serving as the Chief Investment Officer of Wealthfront and on the Investment Advisory Board of Rebalance, both software-based investment advisory businesses. He has also been intimately involved in academics and government. He is currently the Chemical Bank Chairman’s Professor of Economics at Princeton University, and he is a fellow of the American Philosophical Society.