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Burton Malkiel

American economist · United States · On the map · Academics · Born 1932 · age 94

Burton Gordon Malkiel is an American economist, financial executive, and writer most noted for his classic finance book A Random Walk Down Wall Street.

Burton Malkiel is read about 81 times a day, in 13 languages.

A typical day, 30 days to 4 August 2026

The middle day of the days counted, so one week of news cannot move it. The line under it is the last 60 days, one point a day.

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A life in dates

2019“A random walk is one in which future steps or directions cannot be predicted on the basis of past history.”In their words1. Firm Foundations and Castles in the AirRead the whole statement

“The castle-in-the-air theory of investing concentrates on psychic values.”In their words1. Firm Foundations and Castles in the AirRead the whole statement

“Why are memories so short? Why do such speculative crazes seem so isolated from the lessons of history?”In their words2. The Madness of CrowdsRead the whole statement

“The lessons of market history are clear. Styles and fashions in investors’ evaluations of securities can and often do play a critical role in the pricing of securities.”In their words3. Speculative Bubbles from the Sixties into the NinetiesRead the whole statement

“Our survey of historical bubbles makes clear that the bursting of bubbles has invariably been followed by severe disruptions in real economic activity.”In their words4. The Explosive Bubbles of the Early 2000sRead the whole statement

“Technology will ultimately greatly improve the intentional payments system.”In their words4. The Explosive Bubbles of the Early 2000sRead the whole statement

2001Amundi Smith Breeden PrizeAward1932Born28 August 1932

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In their own words 4

Burton Malkiel

4 statements, newest first

Investing requires work, make no mistake about it.
2019 · 1. Firm Foundations and Castles in the Air, Own words
Part of the genius of financial markets is that when there is a real demand for a method to enhance speculative opportunities, the market will surely provide it.
2019 · 2. The Madness of Crowds, Own words
Fraud aside, we should have known better. We should have known that investments in transforming technologies have often proved unrewarding for investors.
2019 · 4. The Explosive Bubbles of the Early 2000s, Own words