Description
Oliver’s Note: The ego-check every finance worker needs
Working in finance, I’m surrounded by people who think they’re the next Warren Buffett. For a long time, I was one of them—spending hours looking at “technical analysis” and trying to find the next “hidden gem” stock. This book was a massive, much-needed blow to my ego.
Malkiel’s point is simple but brutal: a blindfolded monkey throwing darts at a newspaper’s financial pages could do just as well as the experts. As someone who’s seen the “magic” behind the curtain in the industry, I can tell you—he’s mostly right. This is the ultimate “No-BS” book because it strips away the jargon and proves that you don’t need a fancy broker or a degree like mine to build wealth. In fact, you’re probably better off without them.
What’s inside?
First published in 1973 and updated regularly, this is the book that popularised Index Funds. Malkiel takes you on a tour of the financial world’s biggest delusions:
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The “Random Walk” Theory: Why stock prices are impossible to predict in the short term, no matter what a “guru” tells you.
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A History of Bubbles: From the Dutch Tulip mania to the Dot-com crash and beyond. It’s a masterclass in why humans never learn.
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Technical vs. Fundamental Analysis: Why most “chart-reading” is basically astrology for men in suits.
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The Practical Guide: A clear, age-based strategy for how to actually allocate your money into low-cost index funds.
The “No-BS” Verdict
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Tone: Slightly more academic than The Psychology of Money, but still very readable and filled with dry wit.
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Time to read: It’s a thick one. Don’t rush it—read it with a highlighter.
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Best for: Anyone tempted to start day-trading or buying “meme stocks.” It’s the best protection against losing your life savings to hype.
“A blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by experts.” — Burton Malkiel
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