Burton Malkiel
Born 1932 · Age 93
American economist, Princeton professor, proponent of the efficient-market hypothesis and author of A Random Walk Down Wall Street; former Yale SOM dean, member of the Council of Economic Advisers, long-time Vanguard director, and Wealthfront CIO.
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Life & Career Timeline
Born in Boston, Massachusetts
Burton Gordon Malkiel was born in Boston, MA to Sol and Celia (Gordon) Malkiel.
Graduated Boston Latin School
Completed secondary education at Boston Latin School.
Bachelor's degree, Harvard College
Received B.A. from Harvard University.
Married Judith Atherton
First marriage to Judith Atherton Malkiel (they later had one son, Jonathan).
MBA, Harvard Business School
Received M.B.A. from Harvard Business School.
Commissioned in U.S. Army (Finance Corps)
Served as a finance officer and became first lieutenant; introduced a computerized payment and accounting system used at bases globally.
Completed military service
Ended active U.S. Army service (1955–1958) as a first lieutenant.
Joined Smith Barney & Co.
Entered the business world as an associate/investment banker at Smith, Barney & Co.
Left Smith Barney (approx.)
Concluded the documented period as an associate at Smith Barney (encyclopedic sources list 1958–60).
Published QJE article on expectations and term structure
Authored 'Expectations, Bond Prices, and the Term Structure of Interest Rates' in The Quarterly Journal of Economics.
Ph.D. in Economics, Princeton University
Awarded Ph.D.; dissertation titled 'Problems in the Structure of Financial Markets'. Joined Princeton faculty the same year.
Joined Princeton faculty as assistant professor
Appointed assistant professor of economics at Princeton University (1964–1966).
Published 'The Term Structure of Interest Rates' (book)
First book on term structure of interest rates published by Princeton University Press (1966).
Promoted to associate professor, Princeton
Elevated from assistant to associate professor (approx. 1966–1968 period).
Promoted to professor of economics, Princeton
Named full professor of economics (professor of economics, 1968–1981).
Published 'Strategies and Rational Decisions in the Securities Options Market'
Coauthored with Richard E. Quandt, MIT Press (1969).
Named Gordon S. Rentschler Memorial Professor of Economics
Received named professorship at Princeton (listed 1969–1981 in sources).
Honorary degree (D.H.L.), University of Hartford
Received a Doctor of Humane Letters from the University of Hartford.
Joined board, Prudential Financial (approx.)
Sources indicate Malkiel served on Prudential's board and chaired its Investment Committee; listed service beginning in the early 1970s in reference sources.
Popularized the 'dart-throwing monkey' metaphor
Phrase from A Random Walk Down Wall Street popularized the idea that random selection can rival professional stock pickers; became a widely quoted image in financial media.
Published 'A Random Walk Down Wall Street'
First edition of the classic investment book advocating indexing and the efficient-market hypothesis was published (1973).
Chair, Princeton Economics Department (1st term)
Served as chair of the department (sources list 1974–75 as first chair term).
Appointed to President's Council of Economic Advisers
Served as a member of the Council of Economic Advisers under President Gerald Ford (1975–1977).
Published 'Managing Risk in an Uncertain Era'
Coauthored with Paul B. Firstenberg, Princeton University Press (1976).
Joined board of directors, The Vanguard Group
Began service as a director/trustee of Vanguard mutual funds; served for 28 years through retirement in 2005.
Second term as Princeton department chair begins
Became chair of Princeton's economics department again (sources list 1977–1981).
Governor, American Stock Exchange (by late 1970s)
Held a governance role at the American Stock Exchange in the late 1970s/early 1980s (encyclopedic sources indicate service and board membership).
President, American Finance Association
Elected president of the American Finance Association (sources list 1978; some references cite 1979).
Published 'The Inflation Beater's Investment Guide'
Published a book offering investment strategies for the 1980s (W.W. Norton, 1980).
Began major curricular and faculty initiatives at Yale SOM
Recruited influential faculty (including future Nobel laureates), launched new courses (Law and Operations, Entrepreneurship, Communications) and programs including Public Service Loan Assistance.
Named Dean, Yale School of Organization and Management
Left Princeton to serve as dean of Yale SOM and William S. Beinecke Professor of Management Studies (tenure 1981–mid/late 1980s).
Published 'Expectations and the Structure of Share Prices'
Coauthored with J.G. Cragg; contribution to literature on risk measurement and its influence on security prices (University of Chicago Press, 1982).
Harvard Business School Alumni Achievement Award
Received Harvard Business School's alumni achievement award for his leadership at Yale SOM and contributions to the field.
Death of first wife, Judith Malkiel
Judith Atherton Malkiel passed away in 1987.
Resigned as Dean of Yale SOM
Stepped down from dean position (sources cite resignation in 1987), then returned to Princeton.
Returned to Princeton as Chemical Bank Chairman's Professor
Resumed career at Princeton University as Chemical Bank Chairman's Professor of Economics (Emeritus later).
Married Nancy Weiss
Married Nancy Weiss (Dean of the College, Princeton University 1987–2011).
Chaired steering committee for Princeton's 250th anniversary
Led planning for Princeton's 250th anniversary and helped expand the university motto and establish the Pace Center for Civic Engagement, securing major funding.
Published 'Global Bargain Hunting'
Coauthored with J.P. Mei, a guide on investing in emerging markets (Simon & Schuster, 1998).
Coauthored 'Earn More (Sleep Better): The Index Fund Solution'
Contributed to a book promoting index funds and passive investing strategies.
Longstanding public profile: 'the man your fund manager hates'
Fortune and other outlets dubbed him the man your fund manager hates for his critique of active management; reflects broad popular recognition.
Published numerous academic articles (cumulative 150+)
Over his career Malkiel published more than 150 articles and 12 books across finance, monetary policy and investment topics (cumulative milestone).
Elected to American Philosophical Society
Recognized by election to the American Philosophical Society.
Published updated works on EMH and investing (2003)
Published 'The Efficient Market Hypothesis and Its Critics' and 'The Random Walk Guide to Investing: Ten Rules for Financial Success' (2003).
Acknowledged nuance to EMH — added chapter on inefficiencies
Across later editions of Random Walk, Malkiel acknowledged and added material about market inefficiencies and limits to pure EMH, showing evolution in his views.
Left active Vanguard governance but maintained philosophical alignment
Although retiring from Vanguard's board, he remained closely affiliated commercially and philosophically with Vanguard and indexing practices.
Retired from Vanguard board and trustee role
Retired on July 22, 2005 after 28 years as a director of The Vanguard Group.
Gave public talk on Investment Opportunities in China
Delivered a talk (videoed) discussing investment opportunities in China; exemplifies his engagement in public speaking on global investing (YouTube reference 2007).
Wealthfront founded (context)
Wealthfront, an automated investment and savings service, was founded (Malkiel later became CIO).
Published 'From Wall Street to the Great Wall'
Coauthored with Patricia A. Taylor, book on investing in China's booming economy (W.W. Norton, 2008).
Published 'The Elements of Investing'
Coauthored 'The Elements of Investing' with Charles D. Ellis (John Wiley & Sons, 2010).
10th edition of 'A Random Walk Down Wall Street'
10th edition published (JRC/Princeton page notes a 10th edition in 2011); book had sold more than 1.5 million copies and been translated into nine languages.
Named Chief Investment Officer, Wealthfront (approx.)
Sources indicate Malkiel serves as CIO of Wealthfront, the software-based financial advisor; contemporary reports of appointment surfaced around 2012.
On advisory panel of Research Affiliates
Listed on the advisory panel of Robert D. Arnott's investment management firm Research Affiliates (ongoing advisory role).
Joined Investment Advisory Board, Rebalance (by 2013)
Listed as a member of the Investment Advisory Board for digital advisor Rebalance (source retrieval 2013).
Wealthfront reaches $10B under management (contextual milestone)
Public sources reference Wealthfront having approximately $10 billion AUM while Malkiel is CIO/affiliated; year of citation varies but $10B figure commonly cited in late 2010s.
Continued emeritus professorship and advisory roles
Continues to hold Chemical Bank Chairman's Professor of Economics emeritus title at Princeton and advisory roles (Research Affiliates, etc.).
13th edition of 'A Random Walk Down Wall Street' published; 50th anniversary
A Random Walk Down Wall Street reaches a 13th edition and the book celebrated its 50th anniversary since first publication in 1973.
Recognized for impact on Yale SOM and index investing
Yale SOM historian notes Malkiel's lasting impact as a dean and for popularizing passive/index investing; recognized in institutional histories and retrospectives.
Ongoing public commentary on markets and indexing
Continues to publish op-eds, give interviews and advise institutional and retail advisors on indexing, EMH, and asset allocation.
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