《A Random Walk Down Wall Street》 by Burton Malkiel

《A Random Walk Down Wall Street》 by Burton Malkiel

This foundational work introduces the “random walk” theory, arguing that short-term stock movements are largely unpredictable. It strongly advocates for passive investing and provides the theoretical backbone for index funds. For our clients, this book reinforces why broad, long-term diversification often outperforms short-term speculation—and why passive investing can be a cornerstone of portfolio resilience.