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Market Extra: Investing icon Burton Malkiel talks Trump, valuations, and the ETFs he’s bullish on

There are few economists whose views on financial markets carry more weight in the minds of investors than Burton Malkiel.

One of the market’s longest and most steadfast proponents of passive investing, Malkiel is also the Chemical Bank chairman’s professor of economics, emeritus at Princeton University, and the author of “A Random Walk Down Wall Street,” considered a seminal investing tome.

MarketWatch recently spoke to Malkiel about the current investing environment, where there are opportunities and risks, and whether the shift to passive investing has been overdone.

The following interview has been lightly edited for length and clarity:

MarketWatch: You’re one of the market’s biggest proponents of passive investing, but you recently signed onto the index committee for the ETF Industry Exposure & Financial Services ETF TETF, +0.18% which is more niche than is typical for passive products.

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