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Essay / Research Paper Abstract
A 3 page research paper that contrasts and compares strategies on investing in the stockmarket. The strategies are taken from books on Wall Street by Burton Malkiel, Peter Krass, and Kenneth Stern. No additional sources cited.
Page Count:
3 pages (~225 words per page)
File: D0_khinvst.rtf
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Unformatted sample text from the term paper:
trust experts to handle their investments, others go with broad-based funds.. The following examination of three books on Wall Street and investing strategies shows the diversity of opinion on this
subject. Burton Malkiels A Random Walk Down Wall Street was published, for the first time, nearly 30 years ago. Its basic premise
is as controversial today as it was when Malkiel first proposed it. According to Malkiel, the stock market prices stocks so efficiently and precisely that a blindfolded chimp throwing darts
at a list of stocks could select a portfolio that performs as well as those managed by experts (2000). Of course, this statement is tongue-in-cheek and Malkiel does not
actually recommend this method in establishing a portfolio. What he does advocate is that when investors buy and hold all the stocks in a broad stockmarket average, which is
what index funds do, they are likely to have portfolio that do better than those funds that are actively managed. For example, Malkiel asserts that if an individual invested $10,000
in 1969 in a Standard & Poors 500-stock index fund by mid- 1998, the fund would have increased in value to $310,000, which is $140,000 more than the same $10,000
would have earned during this same period in the average actively managed fund (2000). In determining these figures, Malkiel even deducts the typical fee charged by index funds, which
is one-fifth of one percent. Malkiel (2000) does concede that there are rare exceptions, that is, money managers who can beat the stockmarket averages. However, he also points out that
the trouble lies in identifying these people before, rather than after, they work their magic. Kenneth Stern, author of Secrets of the
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