Key Points

Burton G. Malkiel is an American academic and investor who started as an analyst on Wall Street before moving to a very successful academic career.

A Random Walk Down Wall Street argues that movements in stock* market prices are completely unpredictable, or “random.”*

The book is an argument for the efficient market hypothesis* (EMH), according to which no investor can consistently “beat the market,” since in today’s world, all legally obtained information that can affect stock prices is almost instantly available to all investors.