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1、ARANDOMWALKDOWNWALLSTREETARANDOMWALKDOWNWALLSTREETTheTime-TestedStrategyforSuccessfulInvestingBURTONG.MALKIELW.W.NORTON&COMPANYNewYork•LondonCopyright©2011,2007,2003,1999,1996,1990,1985,1981,1975,1973byW.W.Norton&Company,Inc.Thearticleonpage324entitled“RedFacesinPark”appearscourte
2、syofThomsonReuters.Allrightsreserved.RepublicationorredistributionofThomsonReuterscontent,includingbyframingorsimilarmeans,isexpresslyprohibitedwithoutthepriorwrittenconsentofThomsonReuters.ThomsonReutersanditslogoareregisteredtrademarksortrademarksoftheThomsonReutersgroupofcompan
3、iesaroundtheworld.©ThomsonReuters2009.ThomsonReutersjournalistsaresubjecttoanEditorialHandbook,whichrequiresfairpresentationanddisclosureofrelevantinterests.AllrightsreservedForinformationaboutpermissiontoreproduceselectionsfromthisbook,writetoPermissions,W.W.Norton&Company,Inc.,5
4、00FifthAvenue,NewYork,NY10110LibraryofCongressCataloging-in-PublicationDataMalkiel,BurtonGordon.ArandomwalkdownWallStreet:thetime-testedstrategyforsuccessfulinvesting/BurtonG.Malkiel.p.cm.Rev.ed.ISBN:978-0-393-08169-51.Investments.2.Stocks.3.Randomwalks(Mathematics)I.Title.HG4521.
5、M2842011332.601’519282—dc222010041866W.W.Norton&Company,Inc.500FifthAvenue,NewYork,N.Y.10110www.wwnorton.comW.W.Norton&CompanyLtd.CastleHouse,75/76WellsStreet,LondonW1T3QTTONANCYANDSKIPPERCONTENTSPrefaceAcknowledgmentsfromEarlierEditionsPartOneSTOCKSANDTHEIRVALUE1.FIRMFOUNDATIONSA
6、NDCASTLESINTHEAIRWhatIsaRandomWalk?InvestingasaWayofLifeTodayInvestinginTheoryTheFirm-FoundationTheoryTheCastle-in-the-AirTheoryHowtheRandomWalkIstoBeConducted2.THEMADNESSOFCROWDSTheTulip-BulbCrazeTheSouthSeaBubbleWallStreetLaysanEggAnAfterword3.SPECULATIVEBUBBLESFROMTHESIXTIESINT
7、OTHENINETIESTheSanityofInstitutionsTheSoaringSixtiesTheNew“NewEra”:TheGrowth-Stock/New-IssueCrazeSynergyGeneratesEnergy:TheConglomerateBoomPerformanceComestotheMarket:TheBubbleinConceptStocksTheNiftyFiftyTheRoaringEightiesTheReturnofNewIssuesConceptsConquerAgain:TheBiotechnologyBu
8、bbleZZZZBestBubbleofAllWhatDoesIt