Am höchsten bewertete kritische Rezension
10 Personen fanden diese Informationen hilfreich
Don't read the later editions!
am 21. Dezember 2003
Forget this version. Instead, go to the library and check out the 1996 version, which at least discusses 'pork bellies' (derrivatives and option trading), if too little. Instead of taking the cue from the collapse (10/98) of Long Term Capital Management and producing something new and more interesting, Malkiel keeps on giving us warmed over versions of the same old EMH (efficient market hypothesis), which many researchers by now know is wrong (Fisher Black & Co. knew it in the eighties). Malkiel's beloved 'back of the envelope' calculation showing large how stock price changes can be caused by small interest rate changes is also irrelevant, because it assumes that dividends determine stock prices, and everyone in the market knows that dividends haven't mattered in the last ten years, at least. The 1996 edition (3 stars) is informative. There, you can learn what beta is, and the example discussed of using covered calls as a conservative strategy is also nice.