Top 15 Burton G. Malkiel Quotes (2024 Update)

Burton G. Malkiel Quote: “Forecasts are difficult to make – particularly those about the future.”

1. “Forecasts are difficult to make – particularly those about the future.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “A firm’s income statement may be, likened to a bikini-what it reveals is interesting but what it conceals is vital.”

2. “A firm’s income statement may be, likened to a bikini-what it reveals is interesting but what it conceals is vital.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “For many of us, trying to outguess the market is a game that is much too much fun to give up. Even if you were convinced you would not do any better than average, I’m sure that most of you with speculative temperaments would still want to keep on playing the game of selecting individual stocks with at least some portion of the money you invest.”

3. “For many of us, trying to outguess the market is a game that is much too much fun to give up. Even if you were convinced you would not do any better than average, I’m sure that most of you with speculative temperaments would still want to keep on playing the game of selecting individual stocks with at least some portion of the money you invest.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “Finding the next Warren Buffett is like looking for a needle in a haystack. We recommend that you buy the haystack instead, in the form of a low-cost index fund.”

4. “Finding the next Warren Buffett is like looking for a needle in a haystack. We recommend that you buy the haystack instead, in the form of a low-cost index fund.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “In crowds it is stupidity and not mother-wit that is accumulated,” Gustave Le Bon noted in his 1895 classic on crowd psychology.”

5. “In crowds it is stupidity and not mother-wit that is accumulated,” Gustave Le Bon noted in his 1895 classic on crowd psychology.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “Two-thirds of professionally managed funds are regularly outperformed by a broad capitalization-weighted index fund with equivalent risk, and those that do appear to produce excess returns in one period are not likely to do so in the next. The record of professionals does not suggest that sufficient predictability exists in the stock market to produce exploitable arbitrage opportunities.”

6. “Two-thirds of professionally managed funds are regularly outperformed by a broad capitalization-weighted index fund with equivalent risk, and those that do appear to produce excess returns in one period are not likely to do so in the next. The record of professionals does not suggest that sufficient predictability exists in the stock market to produce exploitable arbitrage opportunities.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “It is the definition of the time period for the investment return and the predictability of the returns that often distinguish an investment from a speculation. A speculator buys stocks hoping for a short-term gain over the next days or weeks. An investor buys stocks likely to produce a dependable future stream of cash returns and capital gains when measured over years or decades.”

7. “It is the definition of the time period for the investment return and the predictability of the returns that often distinguish an investment from a speculation. A speculator buys stocks hoping for a short-term gain over the next days or weeks. An investor buys stocks likely to produce a dependable future stream of cash returns and capital gains when measured over years or decades.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “Nobody knows more than the market.”

8. “Nobody knows more than the market.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “There is one investment truism that, if followed, can dependably increase your investment returns: Minimize your investment costs. We.”

9. “There is one investment truism that, if followed, can dependably increase your investment returns: Minimize your investment costs. We.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “It is not hard to make money in the market. What is hard to avoid is the alluring temptation to throw your money away on short, get-rich-quick speculative binges. It is an obvious lesson, but one frequently ignored.”

10. “It is not hard to make money in the market. What is hard to avoid is the alluring temptation to throw your money away on short, get-rich-quick speculative binges. It is an obvious lesson, but one frequently ignored.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “Protect yourself: Every investor should always diversify.”

11. “Protect yourself: Every investor should always diversify.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “In the 1990s, the ratio of buy to sell recommendations climbed to 100 to 1, particularly for brokerage firms with large investment banking businesses.”

12. “In the 1990s, the ratio of buy to sell recommendations climbed to 100 to 1, particularly for brokerage firms with large investment banking businesses.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “You will never be allowed to buy the really good IPOs at the initial offering price. The hot IPOs are snapped up by the big institutional investors or the very best wealthy clients of the underwriting firm.”

13. “You will never be allowed to buy the really good IPOs at the initial offering price. The hot IPOs are snapped up by the big institutional investors or the very best wealthy clients of the underwriting firm.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “Look for growth situations with low price-earnings multiples. If the growth takes place, there’s often a double bonus – both the earnings and the multiple rise, producing large gains. Beware of very high multiple stocks in which future growth is already discounted. If growth doesn’t materialize, losses are doubly heavy – both the earnings and the multiples drop.”

14. “Look for growth situations with low price-earnings multiples. If the growth takes place, there’s often a double bonus – both the earnings and the multiple rise, producing large gains. Beware of very high multiple stocks in which future growth is already discounted. If growth doesn’t materialize, losses are doubly heavy – both the earnings and the multiples drop.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “And if you buy the new issue after it begins trading, usually at a higher price, you are even more certain to lose.”

15. “And if you buy the new issue after it begins trading, usually at a higher price, you are even more certain to lose.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “The index performance is not mediocre – it exceeds the results achieved by the typical active manager.”

16. “The index performance is not mediocre – it exceeds the results achieved by the typical active manager.”

— Burton G. Malkiel

Burton G. Malkiel Quote: “As the economic historian Charles Kindleberger has stated, “There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich.”

17. “As the economic historian Charles Kindleberger has stated, “There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich.”

— Burton G. Malkiel

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