As of 2015, there have been eleven editions and over 1. Through detailed analysis, he notes significant flaws in both techniques, concluding that, for a random walk down wall street pdf 2015 investors, following these methods will produce inferior results compared to passive strategies. Malkiel has a similar critique for methods of selecting actively managed mutual funds based upon past performance. Columbia University rebutting the Efficient Market Hypothesis.
As of 2013 Malkiel has not yet responded, and has ignored Buffett’s argument. To the Shareholders of Berkshire Hathaway Inc. Most investors, of course, have not made the study of business prospects a priority in their lives. If wise, they will conclude that they do not know enough about specific businesses to predict their future earning power. I have good news for these non-professionals: The typical investor doesn’t need this skill.