At a time of frightening volatility, what is the average investor to do?The answer: turn to Burton G. Malkiel’s advice in his reassuring, authoritative, gimmick-free, and perennially best-selling guide to investing. Long established as the first book to purchase before starting a portfolio or 401(k), A Random Walk Down Wall Street now features new material on “tax-loss harvesting,” the crown jewel of tax management; the current bitcoin bubble; and automated investment advisers; as well as a brand-new chapter on factor investing and risk parity. And as always, Malkiel’s core insights—on stocks and bonds, as well as real estate investment trusts, home ownership, and tangible assets like gold and collectibles— along with the book’s classic life-cycle guide to investing, will help restore confidence and composure to anyone seeking a calm route through today’s financial markets.

    

    Milton Friedman restates the quantity theory of money and discusses the significance of its revival after a period of eclipse by the Keynesian view. Four empirical studies by Phillip Cogan, John J. Klein, Eugene M. Lerner, and Richard T. Selden are provided in support of the theory. The four studies...of inflation during and after the world wars and in the U.S. over the past century...show a striking regularity in economic response to monetary change. They will be of particular interest to monetary theorists, to empirical investigators in this area, and to economic historians and theorists generally.CONTENTS: The Quantity Theory of Money...A Restatement (Friedman) * The Monetary Dynamics of Hyperinflation (Cagan) * German Money and Prices, 1932-44 (Klein) * Inflation in the Confederacy, 1861-65 (Lerner) * Monetary Velocity in the United States (Selden)