A random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing



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A Random Walk Down Wall Street The Time

ACKNOWLEDGMENTS
from Earlier Editions
MY DEBTS OF GRATITUDE
to practitioners,
financial institutions, and academic colleagues who have
helped me with the earlier editions of this book are enormous
in both number and degree. Here, I acknowledge the many
individuals who offered extremely valuable suggestions and
criticisms.
Many research assistants have labored long in compiling
information for this book. Especially useful contributions
were made by John Americus, Shane Antos, Costin Bontas,
Jonathan Curran, Barry Feldman, Ethan Hugo, Amie Ko, Paul
Messaris, Matthew Moore, Ker Moua, Ellen Renaldi, Barry
Schwartz, Greg Smolarek, Ray Soldavin, Elizabeth Woods,
Yexiao Xu, and Basak Yeltikan. Helen Talar, Phyllis Fafalios,
Lugene Whitley, Melissa Orlowski, and Diana Prout not only


faithfully and accurately typed several drafts of the
manuscript but also offered extremely valuable research
assistance. Elvira Giaimo provided most helpful computer
programming. Many of the supporting studies for this book
were conducted at Princeton’s Bendheim Center for Finance.
I am also grateful to Arthur Lipper Corporation for
permission to use its mutual-fund rankings.
A vital contribution was made by Patricia Taylor, a
professional writer and editor. She read through complete
drafts of the book and made innumerable contributions to the
style, organization, and content of the manuscript. She
deserves much of the credit for whatever lucid writing can be
found in these pages.
My association with W. W. Norton & Company has been
an extremely pleasant one, and I am particularly grateful to
Brendan Curry, Donald Lamm, Robert Kehoe, Ed Parsons,
and Deborah Makay, as well as my editor, Starling Lawrence,
for his invaluable help.
The contribution of Judith Malkiel was of inestimable
importance. She painstakingly edited every page of the
manuscript and was helpful in every phase of this
undertaking. This acknowledgment of my debt to her is the


largest understatement of all.
Finally, I would like to acknowledge with deep gratitude
the assistance of the following individuals who made
important contributions to earlier editions. They include:
Peter Asch, Leo Bailey, Howard Baker, Jeffrey Balash, David
Banyard, William Baumol, Clair Bien, G. Gordon Biggar Jr.,
John Bogle, Lynne Brady, John Brennan, Markus
Brunnermeier, Claire Cabelus, Lester Chandler, Andrew
Clarke, Abby Joseph Cohen, Douglas Daniels, Pia Ellen,
Andrew Engel, Steve Feinstein, Barry Feldman, Roger Ford,
Stephen Goldfeld, William Grant, Leila Heckman, William
Helman, Roger Ibbotson, Deborah Jenkins, Barbara Johnson,
George S. Johnston, Kay Kerr, Walter Lenhard, James
Litvack, Ian MacKinnon, Barbara Mains, Jonathan Malkiel,
Sol Malkiel, Whitney Malkiel, Edward Mathias, Jianping
Mei, Melissa McGinnis, Will McIntosh, Kelley Mingone,
William Minicozzi, Keith Mullins, Gabrielle Napolitano,
James Norris, Gail Paster, Emily Paster, H. Bradlee Perry,
George Putnam, Donald Peters, Michelle Peterson, Richard
Quandt, James Riepe, Michael Rothschild, Joan Ryan,
Robert Salomon Jr., George Sauter, Crystal Shannon, George
Smith, Willy Spat, Shang Song, James Stetler, James Stoeffel,


H. Barton Thomas, Mark Thompson, Jim Troyer, David
Twardock, Linda Wheeler, Frank Wisneski, and Robert
Zenowich.



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