Burton Malkiel

Burton Malkiel, born on August twenty-eighth, nineteen thirty-two, is a distinguished American economist and author, renowned for his seminal work, A Random Walk Down Wall Street, first published in nineteen seventy-three. This influential book has reached its thirteenth edition as of twenty twenty-three, solidifying Malkiel's reputation in the field of finance.

Currently, he holds the prestigious position of Chemical Bank Chairman's Professor of Economics at Princeton University, where he has also served as the chairman of the economics department on two occasions. His extensive career includes notable roles such as a member of the Council of Economic Advisers from nineteen seventy-five to nineteen seventy-seven, president of the American Finance Association in nineteen seventy-eight, and dean of the Yale School of Management from nineteen eighty-one to nineteen eighty-eight.

Malkiel's influence extends beyond academia; he dedicated twenty-eight years as a director of the Vanguard Group and currently serves as the Chief Investment Officer at Wealthfront Inc. Additionally, he is a member of the Investment Advisory Board for Rebalance. In recognition of his contributions, he was elected to the American Philosophical Society in two thousand one.

A leading advocate of the efficient-market hypothesis, Malkiel argues that publicly traded asset prices reflect all available information. However, he acknowledges the existence of market inefficiencies. He champions a buy-and-hold strategy with index funds as the most effective approach to portfolio management, while also suggesting that some active management can be beneficial. In a two thousand twenty interview, he expressed openness to investing in single stocks, provided that the majority of one's portfolio remains in index funds.