Fama, E.F., 1995. Random Walks in Stock Market Prices.
Financial Analysts Journal, 51(1), 75-80.
For many years economists, statisticians, and teachers of finance have been interested in developing and testing models of stock price behavior. One important model that has evolved from this research is the theory of random walks. This theory casts serious doubt on many other methods for describing and predicting stock price behavior--methods that have considerable popularity outside the academic world. For example, we shall see later that if the random walk theory is an accurate description of reality, then the various "technical" or "chartist" procedures for predicting stock prices are completely without value...
