THE WASHINGTON POST Thursday, May 22,1980 / C 5  
' By James T.Yenckel The stock market has a good friend In Burton MalkieL At a time when investors are looking for almost any place else to put their inflation-eroded dollars, he thinks common stocks are the wisest buy.</br></br>ThereÛªs even a place in the market, he says, for the first-timer with as little as $500 to $1,000 to invest.</br></br>The stock market is MaUdelÛªs hobby. By profession, heÛªs chairman of Princeton UniversityÛªs economics department, from where he also keeps an eye on Wall Street. He also served on President FordÛªs Council of Economic Advisers.</br></br>ÛÏIÛªm kind of a gambler at heart,Û says Malkiel, 47, ÛÏsomeone who likes to play 21ÛÓor the game of trying to pick stocks to keep ahead of the crowd.Û</br></br>Not only are stocks relatively ÛÏcheapÛ today, he argues in a new book, ÛÏThe Inflation-BeaterÛªs Investment Guide (Norton, 190 pages, $8.95), ÛÏI really do believeÛÓin a fundamental senseÛÓin stocks as a hedge against inflation.Û