please do not email me before you have looked at and searched the FAQ.

Edition 3

read the current third edition of the book online in your browser for free, or download it.

Edition 4

the new fourth edition of the book (for real release in mid-2016)—recommended over the fourth edition for new adoptions, but still changing.
(order an early preview in print.)

Test Your Knowledge

this is an open version of a class site. register yourself as a student using 'welch' as classname. each student quiz has new numbers.

Class Notes

for students: edition 3 , edition 4


chapters that would be too much for a first book.


older sketch, but the right way to teach investments. never fully developed.

Full Instructor Materials

instructor materials are never available to students under any circumstances, but only to legitimate instructors for university-registered courses. if you have such credentials, please contact ivo.welch@anderson.ucla.edu for access.

check out the coverage comparison for Berk-Demarzo, Brealy-Myers-Allen, Ross-Westerfield-Jaffe, and Welch.