A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Twelfth Edition)

In an interview with Business Wire in November 2011, Buffett said, “If you understand chapters 8 and 20 of The Intelligent Investor (Benjamin Graham, 1949) and chapter 12 of The General Theory (John Maynard Keynes, 1936), you don’t need to read anything else and you can turn off your TV.”2 This advice from Buffett references two classics from the f... See more

I’d just say that the stock market has many different functions, but one of the ways it operates is as a real-time, information-processing mechanism. Information is created, stuff’s going on, it’s incorporating those into prices as they happen. So, what’s the probability that IBM will be bankrupt tomorrow? Rounds to zero. How about three years from

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However, as powerful as the theory claims to be, it comes with a few qualifications. The most important is that it pertains to returns on a risk-adjusted basis. Suppose you pursue an investment strategy that entails a 10 percent chance of going broke every year. This is exceptionally foolish—if you followed the strategy over a twenty-year investmen

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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.