A Different Degree of Wealth

The Timeless Wisdom Of Burton Malkiel’s A Random Walk Down Wall Street


This month, Princeton academic, writer, and professional investor Burton Malkiel has released the 50th anniversary edition of his renowned book A Random Walk Down Wall Street: the Best Investment Guide that Money Can Buy. It is remarkable to consider that this book has been around for half a century, yet, like a fine vintage, it has continued to age well and is still packed with invaluable and ageless advice when it comes to investing.

Malkiel’s book has been a beacon of guidance to many new and experienced investors over the years, providing invaluable information and insight into the world of investing. Its timeless wisdom has proven to be just as pertinent today as when it was first published, making it an essential tool for those looking to build wealth and achieve financial security.

What does it mean when we say wisdom is timeless?

Wisdom is timeless in that it transcends the limitations of time and space. It is often seen as a timeless truth or universal knowledge that is applicable to all people, regardless of their background or circumstances. Wisdom is usually acquired through experience, study, and reflection, and it is often seen as an invaluable source of guidance and insight.

It’s essential to remember and abide by the timeless investing wisdom that has been passed down for generations. Diversification, risk management, and long-term planning are key elements that should never be overlooked when investing. These principles have withstood the test of time and can help ensure your success in the market.

A Random Walk is Still Relevant Today

Malkiel’s Random Walk Down Wall Street is an essential guide for any investor, big or small. It offers invaluable insight on how to navigate the stock market and provides invaluable tips on how to make wise investments that will pay off in the long term. Along with practical strategies for investing, the book also provides an insightful look into the complexities of the stock market, offering an invaluable refresher for those already familiar with it, as well as a comprehensive primer for those who are new to investing. The book is written in an accessible and entertaining style, ensuring that readers of all backgrounds and levels of experience can better understand the concepts presented. With all this knowledge, even the smallest investors can make smart, informed decisions about their investments.

Burton Malkiel’s Random Walk Theory – A Timeless Truism

The Random Walk Theory is a widely accepted concept in investing, which states that stock market prices are determined by random events that are truly unpredictable. This theory implies that it is impossible to predict the movement of the stock market in the short-term, and that the best approach for investors is to focus on a long-term investment strategy instead of trying to time the market.

Attempting to guess the direction of the stock market is a fool’s errand, and investors should instead focus on diversifying their portfolios and constructing an investment strategy that is tailored to their individual risk tolerance and long-term goals. By carefully constructing a portfolio that is diversified across a range of asset classes, investors can reduce the risk associated with market volatility and increase their chances of achieving their desired financial objectives in the long-term.

Furthermore, investors should make sure to minimize their costs by selecting diversified structured portfolios.


The long-term investment strategies and advice presented in A Random Walk Down Wall Street are still relevant today as they were when the book was first published in 1973. In fact, Burton Malkiel’s advice to focus on a long-term investment strategy and to minimize costs by selecting low-cost investments is even more important now than it was then. With this knowledge, investors can make smart, informed decisions and increase their chances of achieving their desired financial objectives in the long-term.

The challenge for investors today is to be able to shut out the noise of too much information and formulate a strategic financial plan that can ensure investment success no matter what is happening in the market. Investors left on their own most often fall prey to their emotions and miss the mark when it comes to their portfolio. By working with us, an investor may be able to stay the course, live their life, and reach their retirement goals with confidence.

Have a great weekend!

Source: Ballentine Capital Advisors

Golf Tip of the Week

A New Study Just Revealed Some Surprising Results About Walking Vs. Riding

Listen, I want to just start by saying that you should enjoy playing golf however you want to enjoy playing golf. If that means walking, using a push cart, or riding, we’re not here to tell you how to play the game that we all love.

All of that said, I did find this recent study published in the World Journal of Advanced Research and Reviews in December rather interesting.

In the study, titled “Energy expenditure compared to mental focus & score in three modes of golf transport/play,” the three authors—Neil Ernest Wolkodoff, Gerald Martin Haase and Ben Nathaniel Pennymon—identified a group of 10 golfers with an average age of 64 and an average handicap of 10.8 (for nine holes).

The golfers were split into three groups: One group would use a golf cart, the second a push cart, and the third a motorized push cart. Each golfer wore a “portable metabolic system,” which measured their heart rate and oxygen levels, among other things, and completed a mental focus survey.

Let’s run through some of the more interesting results.

The walkers burned more calories

The walkers had a higher average heart rate (99 beats per minute for a push cart and 90 bpm for an electronic push cart) than the motor cart (83 bpm). Accordingly, the walkers burned more calories—almost 80 per hour—than the riders.

The walkers had better focus

It seems walking helped the golfers focus on their games more adeptly, too. According to the study, the walkers registered better “mental focus” than those riding a cart. Those using an electric push cart scored 6.63 out of a possible 10, whereas those using a golf cart scored 5.01.

The walkers shot lower scores

But, of course, in golf the scorecard is king. So how did it read after this? Perhaps due to the better focus brought about by walking, the golfers using push cart and electronic push carts finished 10.4 and 10.2 strokes over par for the nine holes they played—more than a full shot better than those using a golf cart, who finished 11.5 strokes over par.

Anyway, it’s just one study, but an interesting one! We probably all knew that walking while you play is good for you from a health perspective, but who knew it may also may help you shoot better scores?

Tip adapted from golfdigest.comi

Recipe of the Week

Bacon And Egg Cups

12 Servings


  • 12 strips sugar-free bacon (about 10 ounces)
  • 2 red potatoes, sliced 1/8 inch thick, rounded ends discarded
  • 1 small red bell pepper, finely chopped
  • 12 large eggs
  • 2 tablespoons chopped fresh chives
  • Hot sauce, for serving


  • Preheat the oven to 400 degrees F. Wrap 1 piece of bacon around the inside of each cup of a 12-cup muffin tin to create rings. Put 1 slice of potato on the bottom of each cup and divide the bell pepper pieces among the cups.
  • Bake until the fat starts to render from the bacon (it will bubble in the bottom of each cup) and the bacon begins to crisp and turn light brown on the top edges, 10 to 12 minutes. 
  • Remove the tin from the oven and crack an egg into each cup, making sure the yolk is inside the bacon ring. Continue baking until the bacon is crisp, the egg whites are cooked through, and the yolks are still runny, about 10 minutes longer. Run an offset spatula around the edges and remove to a platter. Sprinkle with the chives and serve with hot sauce if desired. 

Recipe adapted from foodnetwork.comii

Health Tip of the Week

Are You Making These Healthy Food Mistakes?

Food Fads

Kale! Seaweed! Goji berries! When you hear about a food that curbs this disease or that condition, you might want to dive right in. If some is good, more must be better, right? Not so fast. The right amount of the right types of foods is great for you. But if you overdo it or choose the wrong kinds, it can backfire. Since every good-for-you-food has its limits, focus on the big picture.

Too Many Brazil Nuts

Selenium is a nutrient that you need — but only about 55 micrograms (mcg) of selenium a day. Just one Brazil nut kernel has 95.8 mcg. That’s more than a day’s worth!

Too much selenium can cause problems including diarrhea, nausea, skin rashes, hair loss, and even serious effects like trouble breathing, heart and kidney failure, and heart attacks. Adults shouldn’t get more than 400 mcg per day.  That’s no more than four or five Brazil nuts, if you don’t get selenium from anything else.

Picking Your Own Mushrooms

These wild and wooly fungi are tasty, loaded with nutrients, low in calories, and may even lower your risk of cancer.  But before you forage in your local forest, keep in mind that eating the wrong kind of mushroom can lead to anything from an upset stomach to death. So only hunt for them if you’re an expert or are with one. Otherwise, get them from your grocery store to be safe.

Grapefruit Plus Certain Meds

This splashy citrus could cause problems if you have some prescriptions, like statins for your cholesterol. Grapefruit can make your body absorb more of the medicine than normal, which could lead to side effects. It may be more likely with some statins than others. And the same thing could happen with some drugs that treat other conditions. So if you’re gaga for grapefruit, ask your doctor if it will affect your prescriptions.

Greens and Kidney Stones?

Just about everyone needs to eat more veggies. Dark, leafy greens like spinach are some of the best. But if you tend to get kidney stones, you’ll want to watch how much you eat.

These greens have a lot of oxalate, which can cause kidney stones. If you’re at risk, your doctor may recommend no more than 40-50 milligrams (mg) of oxalate a day. And half a cup of greens can have close to 10 mg of it. So you can have a couple of servings, but don’t pack huge amounts into your green smoothies. One cup of raw spinach leaves has about 656 mg of oxalate.

Too Much of the Wrong Fish

Fish are rich in protein, low in saturated fats, and high in good fats your body needs. The catch? They absorb mercury. That’s a problem for anyone, but especially pregnant women because it can harm the baby’s nervous system.

Each week, you can eat 8 to 12 ounces — about two meals — of low-mercury fish like shrimp, canned light tuna, or salmon. Avoid high-mercury fish like:

  • King mackerel
  • Orange roughy
  • Shark
  • Swordfish
  • Tilefish

Can You Get Too Much Water?

Most days, you likely don’t drink enough of it. It’s not easy to get too much. There are two main exceptions. One is a mental health condition where you compulsively drink water. The other is when you do a lot of hard exercise, like marathons, and you down too much water instead of a sports drink.

Coconut Oil Overload

More and more people have started to cook with coconut oil. But many nutritionists are still skeptical. Why? While coconut oil does have fats that boost your good cholesterol, it’s also bursting with saturated fat. Your best bet? Limit yourself. The American Heart Association recommends no more than 13 grams of saturated fat a day. Just 1 tablespoon of coconut oil gives you 11.2 of those.

Olive Oil: Drip, Don’t Drown

Olive oil may actually be good for your heart. But even the best fats are loaded with calories. So limit yourself to 2 tablespoons a day or less, including what’s in your food.  If you overdo it, you could gain weight, and that could offset the good you thought you were doing.

Potatoes: Don’t Go Green

Potatoes naturally have solanine, a substance that can make you sick if you eat too much. It’s highest in the eyes, sprouts, skin, and any green parts of the potato. Still, you’d have to eat a lot of potatoes before you had a problem. A person who weighs 100 pounds would need to eat 1 pound of completely green potatoes before getting sick. But don’t forget to remove the eyes, sprouts, and green parts, just to be on the safe side.

Nightshades and Joint Pain

Potatoes, tomatoes, eggplants, and peppers are all nightshades. They’ve gotten a bad rap because of solanine.  Some say it causes joint pain, but there’s no research to back that up. In fact, yellow and purple potatoes may help with swelling, which could ease pain. Still, you know your body best. You may be sensitive to some vegetables, so if they bother you, avoid them.

Maxed out on Chocolate

It tastes great and has antioxidants and flavonoids, which can help lower your blood pressure and protect your arteries. But there are limits:

  • Go gourmet. Lower-quality chocolate usually won’t have the flavonoids.
  • Limit yourself to 1 ounce each day. Check the label of your bar to see how big it is.
  • Stick to dark chocolate that’s at least 70% cacao to avoid too much sugar. But be careful, because the higher levels of cacao (70% to 85 %) also have more fat.

Overdoing the Red Wine

It may be good for your heart in small amounts. There are still questions, though, and health risks. It may be that eating grapes is just as good for you, with none of alcohol’s side effects. So if you don’t drink, experts don’t recommend that you start. If you do, women and men over 65 can have one small glass — that’s 5 ounces a day — and no other alcohol. Men under 65 can have two glasses.

A Better Way

Make it simple. Instead of obsessing over a single food:

  • Fill half your plate with fruits and veggies. Split the other half between proteins and whole grains.
  • Limit how much sugar, salt, and saturated fat you eat.
  • Mix it up. When you eat a variety of good-for-you foods, you meet your needs and avoid overdoing it on any one thing.

Tip adapted from webmd.comiii 

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Ballentine Capital Advisors is a registered investment advisor. The advisory services of Ballentine Capital Advisors are not made available in any jurisdiction in which Ballentine Capital Advisors is not registered or is otherwise exempt from registration.

Please review Ballentine Capital Advisors Disclosure Brochure for a complete explanation of fees. Investing involves risks. Investments are not guaranteed and may lose value.

This material is prepared by Ballentine Capital Advisors for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation or any particular security, strategy, or investment product.

No representation is being made that any account will or is likely to achieve future profits or losses similar to those shown. You should not assume that investment decisions we make in the future will be profitable or equal the investment performance of the past. Past performance does not indicate future results.

Advisory services through Ballentine Capital Advisors, Inc.


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