Burton Malkiel

Malkiel was born on August 28, 1932, in Boston, Massachusetts. In 1949, Malkiel graduated from Boston Latin School, and went on to receive his bachelor's degree (1953) and his MBA (1955) from Harvard University. He originally went into the business world, but had always had an interest in academic economics and eventually earned his Ph.D. in economics from Princeton University in 1964 after completing a doctoral dissertation titled "Problems in the Structure of Financial Markets." He married his first wife, Judith Atherton Malkiel, in 1954; they had one son, Jonathan. After Judith Malkiel's death in 1987, Burton Malkiel married his second wife, Nancy Weiss, in 1988. (Nancy Weiss Malkiel was Dean of the College of Princeton University from 1987 to 2011.) He served as a first lieutenant in the United States Army from 1955 to 1958. Malkiel is on the advisory panel of Robert D. Arnott's investment management firm, Research Affiliates. Malkiel's hobbies include casino games and horse race betting, to which he applies mathematical and statistical analysis. ==Notable works==

In addition to several books, he has also written influential articles, including "The Valuation of Closed-End Investment Company Shares", Journal of Finance (1977). This article discussed the puzzle of why closed-end fund companies typically trade at market valuations lower than the net value of their assets. If net asset value and market capitalization are only two ways of measuring the same thing, then why is there a consistent difference between them? On July 22, 2005, Malkiel retired from 28 years of service as a director of the Vanguard Group and trustee of Vanguard Mutual funds, yet remains closely affiliated with Vanguard due to Vanguard's similar investment philosophies. In A Random Walk Down Wall Street, he frequently references Vanguard. Malkiel is also the Chief Investment Officer of Wealthfront, an automated investment and savings service founded in 2008 currently with $10 billion under management. ==Partial bibliography==

• • • • • • • • • • • • • • • Burton G. Malkiel: A Random Walk Down Wall Street. The Best Investment Tactic for the New Century, Norton & Company, New York 2011 ==See also==