low cost investing
Books
A Random Walk Down Wall Street Book Review: Burton Malkiel’s Definitive Case for Index Funds and Market Efficiency
Burton G. Malkiel’s A Random Walk Down Wall Street is one of the most persuasive investing books ever written because it forces a brutally practical question: if active investing is so smart, why is it so difficult to win consistently after fees? Malkiel argues that markets are intensely competitive, that most price moves are hard to predict, and that low-cost indexing is the most reliable strategy for the majority of investors. For MBA readers, the book is less about “giving up” and more about designing a rational system that survives cycles, minimizes unforced errors, and compounds quietly over time.
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Books
Winning the Loser’s Game Book Review: Charles D. Ellis’s Best Lesson on Discipline, Asset Allocation, and Avoiding Unforced Errors
Charles D. Ellis’s Winning the Loser’s Game is one of the most MBA-relevant investing books ever written because it argues that investing success is less about brilliance and more about discipline. Ellis compares modern investing to amateur tennis, where most points are lost through unforced errors rather than won through spectacular plays. In markets, those errors show up as overtrading, chasing performance, paying high fees, and reacting to headlines instead of sticking to a plan. The book’s solution is simple and powerful: build a policy portfolio, keep costs low, rebalance on schedule, and let long-term compounding do the heavy lifting.
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