If Graham teaches you how to evaluate a business, Burton Malkiel explains why that might not help you.
If Graham teaches you how to evaluate a business, Burton Malkiel explains why that might not help you. The Princeton economist argues that markets demonstrate efficiency because people are analyzing a company’s value. ( Efficiency means a company’s share price reflects its current worth, and its price will change when new information alters a business’ worth.) Malkiel recommends earning the market’s return instead of beating it, which he compellingly argues is good enough.