この本を初めて知ったのはもう20年以上前のことだろうか。それもそのはずで、第1版が出版されたのが1973年だと言う。
改めて目にしたのは去年のことだった。初めはおもしろかったら良いな、くらいの気持ちでは日本語で読んでいたのだが、余りにも鋭い内容に圧倒されて、それなら英語で挑戦してみよう、と途中で原書に変更した、と言うのが真実である。
John Bogle、Charles Ellis、そしてこのBurton Malkiel、と言ったらアメリカだけでなく、世界に冠たるインデクス・ファンドの創始者たち、と言うことになるだろう。今やキャピタル、フィデリティ、と並ぶ投資信託の大手となったVanguardだが、1976年にこの会社が始めた‘S&P500のインデクス・ファンド’は「インデクスと同じ成績を狙うなんてプロフェッショナルの仕事じゃない」とフィデリティから揶揄されたらしい。しかし現在ではこの‘S&P500のインデクス・ファンド’は全体で11兆円を超える世界最大の投資信託の一つとなった。
この本を読むまではテクニカル・アナリストを軽蔑していたのだが、ファンダメンタル・アナリストも大したことがないのだな、と言う事を認識させられた。そう、記憶に新しいハイテク・バブルの時にはファンダメンタル・アナリストが跳梁跋扈したのだった。そして彼らがサルと余り変わらない能力の持ち主だ、と言う事が最後に証明されたのだった。新聞やTVに出ているエコノミストやアナリストの予想がどのくらい当てにならないか、改めて列挙するまでもないだろう。そのうえ、どの株が上がるか的中させてみろ、と言われたら殆どの連中が逃げ出すことになるのではないか。
この本は言うまでもなく、金融業界で働く人間にとっても、またこれから投資を始めよう、と言う人にとっても有益な本だろう。アメリカ合衆国、と言う唯一のスーパーパワーが自分たちの失敗を中国や中東の資金を調達しないと穴埋めできなくなっている、と言う現実に直面すると、アメリカやヨーロッパ、日本等の先進国の株式しか組み入れていない投資信託よりも、新興国をも含めた世界中の株式をトラックする安価なインデクス・ファンドが誕生しないかな、と期待しているのは私だけだろうか……。
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A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing ハードカバー – 2007/1/1
英語版
Burton G. Malkiel
(著)
この商品には新版があります:
A Random Walk Down Wall Street: The Best Investment Guide That Money Can Buy
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¥5,267
(388)
通常2~3日以内に発送します。
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購入オプションとあわせ買い
An informative, timely, and irreverent guide to financial investment offers a close-up look at the current high-tech boom, explains how to maximize gains and minimize losses, and examines a broad spectrum of financial opportunities, from mutual funds to real estate to gold, especially in light of the dot-com crash.
- 本の長さ414ページ
- 言語英語
- 出版社W W Norton & Co Inc
- 発売日2007/1/1
- 寸法16.51 x 3.56 x 24.38 cm
- ISBN-100393062457
- ISBN-13978-0393062458
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商品の説明
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"[This] timeless classic... offers a vast array of advice on how investors can tilt the odds in their favour." The Observer "...deservedly a perennial bestseller." The Economist"
著者について
BURTON G. MALKIEL is the Chemical Bank Chairman's Professor of Economics at Princeton University.
登録情報
- 出版社 : W W Norton & Co Inc; Revised, Updated版 (2007/1/1)
- 発売日 : 2007/1/1
- 言語 : 英語
- ハードカバー : 414ページ
- ISBN-10 : 0393062457
- ISBN-13 : 978-0393062458
- 寸法 : 16.51 x 3.56 x 24.38 cm
- Amazon 売れ筋ランキング: - 554,376位洋書 (洋書の売れ筋ランキングを見る)
- カスタマーレビュー:
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Jarrod Z.
5つ星のうち5.0
Highly practical investment advice backed by strong economic foundations.
2014年4月3日にカナダでレビュー済みAmazonで購入
<i>A Random Walk Down Wall Street</i> centres around the Efficient Market Hypothesis (EMH) which states that individual investors can not use past information (e.g. SEC reports, CEO interviews, and economic forecasts) to profit from trading stocks since these facts (and perhaps opinions) have already impacted the stocks' prices.
Based on economic theories on the EMH, the author argues that individual investors should invest in balanced index funds to try to replicate the market return -- the best scenario for any investor with an average amount of luck. He denounces active mutual funds as a waste of money since their high management expense ratios (MER) are not compensated by superior returns when compared to the index funds. He also provides other useful ideas to investors including introducing the idea that one's willingness to take risks should depend on one's future earnings potential.
This book is one of my favourite books on investing because of its highly practical advice backed by strong economic foundations. Fortunately, it has become extremely easy to follow his strategy given the wide availability of ETFs and relatively low trading fees for the average retail investor.
Based on economic theories on the EMH, the author argues that individual investors should invest in balanced index funds to try to replicate the market return -- the best scenario for any investor with an average amount of luck. He denounces active mutual funds as a waste of money since their high management expense ratios (MER) are not compensated by superior returns when compared to the index funds. He also provides other useful ideas to investors including introducing the idea that one's willingness to take risks should depend on one's future earnings potential.
This book is one of my favourite books on investing because of its highly practical advice backed by strong economic foundations. Fortunately, it has become extremely easy to follow his strategy given the wide availability of ETFs and relatively low trading fees for the average retail investor.
Mike
5つ星のうち5.0
A must read for any intelligent investor
2014年1月2日に英国でレビュー済みAmazonで購入
I am fairly scientific but this book shows me how anyone (myself included) sees trends where in fact there are none.
Some of the stuff is US specific but this book is highly worthwhile for any investor.
THIS BOOK WILL COST YOU MUCH LESS THAN YOUR FINANCIAL ADVISER!
Some of the stuff is US specific but this book is highly worthwhile for any investor.
THIS BOOK WILL COST YOU MUCH LESS THAN YOUR FINANCIAL ADVISER!
T. Orkun
5つ星のうち5.0
A classic that should be on the bookself of every investor
2007年6月28日にアメリカ合衆国でレビュー済みAmazonで購入
This is the updated and expanded 9th edition of a classic investment book that everyone should read once. Although the topics visited are rather extensive, Dr. Malkiel has a very fluid writing style and reading is easy.
Dr. Malkiel believes in a weak form of efficient market hypothesis in that although there might be inefficiencies at times, consistently finding and taking advantage of these are rather difficult after expenses and taxes even for professional money managers and many fail and ruin their investment in the pursuit of beating the market on the long term. Dr. Malkiel suggested investing in broad market (i.e. index fund) in the first edition before first "retail" index fund became available from Vanguard.
The book begins with a brief review of two valuation models: firm foundation valuation and castles in the air valuation. The next couple of chapters are about market manias and bubbles from ancient times to most recent dot com bubble and points to valuation changes and irrational investor behavior. I think every investor could take home something from this review. Those that do not know the history is bound to make the same costly mistakes.
Dr. Malkiel than examines technical analysis and fundemental analysis and market timing strategies and their shortcomings. He associates the technical analysis to astrology and how different securities analyts/researchers using the same fundemental anaysis end up with completely different valuations.
The new chapter on behavioral finance is a must read review of irrational investor behavior and show how investors could be their own worst enemy.
Rest of the book is a useful review of how an investor could construct a reliable portfolio considering risk, diversification and investment products such as individual stocks, mutual funds etc. Several model asset allocations are also available. While I found this section useful, for an investor looking for more specific guidance on portfolio construction, I would like to point to another book, The Four Pillars of Investing: Lessons for Building a Winning Portfolio (Hardcover) , for futher reading.
Other investment books I recommend:
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Hardcover)
Capital Ideas: The Improbable Origins of Modern Wall Street (Paperback)
Dr. Malkiel believes in a weak form of efficient market hypothesis in that although there might be inefficiencies at times, consistently finding and taking advantage of these are rather difficult after expenses and taxes even for professional money managers and many fail and ruin their investment in the pursuit of beating the market on the long term. Dr. Malkiel suggested investing in broad market (i.e. index fund) in the first edition before first "retail" index fund became available from Vanguard.
The book begins with a brief review of two valuation models: firm foundation valuation and castles in the air valuation. The next couple of chapters are about market manias and bubbles from ancient times to most recent dot com bubble and points to valuation changes and irrational investor behavior. I think every investor could take home something from this review. Those that do not know the history is bound to make the same costly mistakes.
Dr. Malkiel than examines technical analysis and fundemental analysis and market timing strategies and their shortcomings. He associates the technical analysis to astrology and how different securities analyts/researchers using the same fundemental anaysis end up with completely different valuations.
The new chapter on behavioral finance is a must read review of irrational investor behavior and show how investors could be their own worst enemy.
Rest of the book is a useful review of how an investor could construct a reliable portfolio considering risk, diversification and investment products such as individual stocks, mutual funds etc. Several model asset allocations are also available. While I found this section useful, for an investor looking for more specific guidance on portfolio construction, I would like to point to another book, The Four Pillars of Investing: Lessons for Building a Winning Portfolio (Hardcover) , for futher reading.
Other investment books I recommend:
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Hardcover)
Capital Ideas: The Improbable Origins of Modern Wall Street (Paperback)
Le conaisseur
5つ星のうち5.0
Warum Aktientipps nicht planmäßig funktionieren KÖNNEN
2010年8月3日にドイツでレビュー済みAmazonで購入
Wer immer noch glaubt, er könne mit Hilfe von Chart-Technik, Analyse von Kursverläufen oder Fundamental-Analyse die Aktien herauspicken, die zuverlässig besser laufen werden als der Index, wird von Malkiel humorvoll eines besseren belehrt. In 50 Jahren Wall-Street Geschichte lässt Malkiel die endlose Abfolge der BörsenHypes Revue passieren - und das mit viel Humor. Sehr leicht lesbar und gut verständlich erklärt er, warum all die Techniken der Analsysten und Börsen-Journalisten nicht zuverlässig funktionieren können. Letztendlich verliert man nur viel Geld, indem man aktive Anlagestrategien verfolgt. Die Lösung laut Malkiel: Passives Investieren. Er beweist, warum das Setzen auf den Index mehr bringt als all die aktiven Strategien, die nicht mehr produzieren als gelegentliche Zufallstreffer. Fazit: Sehr empfehlenswerte Literatur für alle, die auf lange Sicht Geld an der Börse verdienen wollen. Ungeeignet für alle, die ein "get-rich-quick"-Buch suchen.
Art
5つ星のうち5.0
Good book but it strengthens my view that the markets are inefficient
2018年4月8日にアメリカ合衆国でレビュー済みAmazonで購入
To clear up what some readers misconceive, I found the author's summary at the end of Ch. 4 helpful: "Probably more so than any other chapter in the book, this review of the Internet [sic] bubble seems inconsistent with the view that the stock market is rational and efficient. The lesson from this chapter, it seems to me, is not that markets occasionally can be irrational and, therefore, that we should abandon the firm-foundation theory. Rather, . . . in every case, the market did correct itself. The market eventually corrects any irrationality . . . ." So in short, Malkiel acknowledges the market temporarily becomes irrational but eventually corrects such irrationality; thus, the market eventually acts rational.
In my view, even if the market eventually acts rational, the market acts inefficiently as Malkiel admits: "markets occasionally can be irrational." As Malkiel points out, the market acted irrationally for years by over valuing internet stocks during the late 1990's. A market that fails to rationally value companies for years acts inefficiently.
So far, I like the book and take away its points. However, that does not mean I changed my thinking. As I pointed out in the example above, Malkiel's points strengthen by view: at times, the markets act irrational. Because at times, the markets acts irrationally, the market is inefficient. Because the market is inefficient, investors who understand the inefficiency can consistently produce a return greater than the market. Read the Market Wizard series where Jack Schwager interviews investors who have done so.
In my view, even if the market eventually acts rational, the market acts inefficiently as Malkiel admits: "markets occasionally can be irrational." As Malkiel points out, the market acted irrationally for years by over valuing internet stocks during the late 1990's. A market that fails to rationally value companies for years acts inefficiently.
So far, I like the book and take away its points. However, that does not mean I changed my thinking. As I pointed out in the example above, Malkiel's points strengthen by view: at times, the markets act irrational. Because at times, the markets acts irrationally, the market is inefficient. Because the market is inefficient, investors who understand the inefficiency can consistently produce a return greater than the market. Read the Market Wizard series where Jack Schwager interviews investors who have done so.