Stephen R. Soukup

It’s not often that anyone — much less an academic — writes a book that launches a revolution, but that’s exactly what Burton Malkiel did in 1973 when the Princeton economist published a short, potent book called A Random Walk Down Wall Street. As of 2023, the book is in its thirteenth edition. Malkiel famously insisted that “a blindfolded monkey throwing darts at the stock listings could select a portfolio that would do just as well as one selected by the experts,” and then he spent his entire career doing his best to prove that hypothesis.

In September the leaders of the world’s most powerful nations met in New Delhi for the annual G20 Summit to address such heady matters as the war between Russia and Ukraine, the future of energy production and the criticality of food security. Everyone smiled for the cameras, shook hands politely and agreed to do their best to do something about everything, just so long as they weren’t asked to make any enforceable commitments. At the end of the weekend, all the great men and women of the world put their shoes back on, took one more group photo and bid adieu to their friends (and enemies). Then they all headed for home. All, that is, except one.