Which investor is associated with the 1973 book A Random Walk Down Wall Street?

Burton Malkiel is the investor and economist associated with the 1973 book A Random Walk Down Wall Street.

Malkiel’s book explains the random-walk view that short-term security-price movements are difficult to predict consistently from publicly available information. It discusses market efficiency, valuation approaches, technical analysis, behavioral errors, and long-term portfolio construction. The book has been revised through multiple editions as markets and financial products changed.

Its title refers to the idea that historical price patterns generally do not provide a dependable path for forecasting the next market move. The argument does not mean every price is always correct or that markets never experience bubbles. It emphasizes the difficulty of repeatedly outperforming broad markets after fees, taxes, and trading costs.

Malkiel became closely associated with low-cost index investing, although he did not create the first index fund for individual investors. That achievement is commonly associated with John Bogle’s Vanguard 500 Index Fund, launched in 1976. The book’s message remains influential in debates over active management and passive investing.