Burton G. Malkiel is an American economist and author, best known for his book A Random Walk Down Wall Street, which popularized the idea that asset prices generally follow a random pattern, making it difficult to predict the future performance of stocks or other financial instruments. Malkiel is a strong proponent of the efficient market hypothesis (EMH), which posits that stock prices reflect all available information, making it challenging to achieve consistently superior returns through active management.
He earned a Ph.D. in economics from Princeton University, where he later became a professor of economics. Malkiel has also held various significant positions, including serving as a director of several financial firms and contributing to policy discussions on economic and financial matters.
In addition to his work on the efficient market hypothesis, Malkiel has been involved in finance and investment education, and his research extends to topics like portfolio management and the history of stock markets. His work has had a lasting influence on both academic finance and popular investing practices, advocating for long-term, passive investment strategies such as index funds.