Burton Malkiel's Random Walk

Barry Ritholtz is a Bloomberg View columnist. He founded Ritholtz Wealth Management and was chief executive and director of equity research at FusionIQ, a quantitative research firm. He blogs at the Big Picture and is the author of “Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy.”
Read More.
a | A

This week on our Masters in Business podcast, we speak with Burton Malkiel, economics professor at Princeton University and author of the best-selling "A Random Walk Down Wall Street," now in its 11th edition.

Malkiel, who was a director for the Vanguard Group for 28 years and now is chief investment officer for robo-adviser Wealthfront, touched on everything from how he urged the creation of index funds to why “a blindfolded monkey throwing darts at a newspaper’s financial pages" would match the investment performance of the best professional stock pickers. This is because markets are now filled with smart, hard-working and insightful managers with a vast wealth of technology at their fingertip. Alpha, or market-beating returns, are almost immediately competed away.

You can stream the full podcast below, or download it on iTunes, Soundcloud, or Bloomberg. All of our earlier podcasts are at iTunesSoundcloud and Bloomberg.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

To contact the author of this story:
Barry Ritholtz at britholtz3@bloomberg.net

To contact the editor responsible for this story:
James Greiff at jgreiff@bloomberg.net