A Random Walk Down Wall Street

Malkiel is the academic who killed active investing. His core thesis — that stock prices follow a random walk and no one consistently beats the index after fees — is now so accepted it sounds boring, which is exactly why Jim wants you to read this book. The whole index-fund revolution, the trillions sitting in Vanguard, the death of stock pickers — Malkiel laid out the math fifty years ago. The newer editions cover ETFs, smart beta, crypto, and meme stocks without losing the original clarity. Pair it with Bogle's Little Book if you want a shorter take, but read this if you want the full argument for why being boring beats being clever. Five worms.