Burton G. Malkiel on SummaryShelfhttps://summaryshelf.app/authors/burton-g.-malkiel/Recent content in Burton G. Malkiel on SummaryShelfHugoen-usMon, 27 Jul 2026 00:00:00 +0000A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investinghttps://summaryshelf.app/random-walk-down-wall-street/Mon, 27 Jul 2026 00:00:00 +0000https://summaryshelf.app/random-walk-down-wall-street/<p>Every asset carries two prices. One is what it&rsquo;s worth — for a stock, the discounted value of all the cash it will ever pay out. The other is what the next buyer will hand you. Malkiel names these the firm-foundation theory and the castle-in-the-air theory, and forty years of editions reach one verdict: both are partly right, neither is reliable enough to trade on.</p>