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THE ELEMENTS OF INVESTING
Easy Lessons for Every Investor
10 th Anniversary Edition
Burton G. Malkiel
Charles D. Ellis
Preface to Anniversary Edition by Gus Sauter
Foreword to Original Edition by David Swensen
10th Anniversary Foreword by Tim Buckley
Cover design: John Wiley & Sons, Inc.
Copyright © 2021 by Burton G. Malkiel and Charles D. Ellis. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
First Edition published by John Wiley & Sons, Inc. in 2010.
Published simultaneously in Canada.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per‐copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750‐8400, fax (978) 646‐8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748‐6011, fax (201) 748‐6008, or online at http://www.wiley.com/go/permissions.
Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may
