In this classic guide, first published in 1973, you'll learn the basic terminology of "The Street" and how to navigate it with the help of a user-friendly, long-range investment strategy. Drawing on his own varied experience as an economist, financial adviser, and successful investor, Malkiel shows why an individual who buys over time and holds a low-cost, internationally diversified index of securities is still likely to exceed the performance of portfolios carefully picked by professionals using sophisticated analytical techniques. In this newest edition, Malkiel has added material on exchange-traded funds, investment opportunities in emerging markets, and the pitfalls and prospects of the latest investing trend, "smart beta." The book's classic life-cycle guide to investing, tailoring strategies to investors of any age, will help you plan confidently for the future. You'll learn how to analyze the potential returns not only for basic stocks and bonds but for the full range of investment opportunities -- from money-market accounts and real estate investment trusts to insurance, home ownership, and tangible assets like gold and collectibles.