This fully updated, fiftieth anniversary edition of Burton G. Malkiel's classic investment guide provides a comprehensive overview of the financial markets and investment strategies. Malkiel, drawing from his extensive experience as an economist and financial adviser, advocates for a passive investment approach, emphasizing the importance of diversified index funds. The book critically examines current investment trends, including cryptocurrencies, NFTs, and meme stocks, and offers insights into tax-smart investing and modern portfolio management techniques like factor investing and ESG portfolios. Designed for investors of all experience levels, this edition continues to serve as an essential resource for building a resilient and effective investment portfolio