New York: W.W. Norton and Company, 1973
First edition. First printing, as stated on the copyright page with the full number line. A fine, unread copy. In a bright and nearly fine price clipped dust jacket, only showing some of the horizontal creasing to the laminate that is usually seen on this title. An excellent copy of the Princeton economist’s definitive work on the “random walk hypothesis” - the theory that asset prices follow an unpredictable path and that individual investors cannot reliably outperform the market in the long term. This text would create a lasting blueprint for index fund investing, and would directly inspire John Bogle to found the first retail index fund at Vanguard shortly after its publication.