RANDOM WALK AND BEYOND：INSIDE GUIDE TO THE STOCK MARKET

A lucid, witty, and intelligent guide to modern investment theory, the evidence for and against it, and how to translate theory into practical investment strategies. Explains the ``Random Walk'' or the Efficient Market Hypothesis and shows what it means, where it is true, where it is not -- and how investors can take advantage of the areas in which it is not true to earn greater profits without increased risk. Examines concepts of value, how the numbers can lie, diversification, market risk, out-of-favor stocks, little stocks and market timing. Forbes columnist Kenneth Fisher wrote of Johnson's book: ``Indispensable for those wanting to bypass Wall Street's most common dead ends.''

APPROACHING THE MARKET.

What's the Problem?

The Game: The Players, the Field, the Yardsticks, the Scores.

Numbers Can Lie.

Concepts of Value.

THE EFFICIENT MARKET.

The Great Debate: Is the Market Unbeatable?

Testing the Theory.

RISK, REWARD, AND YOU.

Risk: The Price of Market Success.

Diversification: Safety in Numbers.

Market Risk.

THE INEFFICIENT MARKET.

Out-of-favor Stocks: The Last Shall Be First.

Little Stocks: Is Ignorance Bliss?

Still More Anomalies.

THE REAL STOCK MARKET.

What's Really Going On?

Risk Again: It's About Time.

Market Timing.

Facing Reality.

Mutual Funds: The Perfect Solution?