Eugene Fama Says:
I have been a big follower of Fama for years and he says this...
"In essence, the challenge of the random walk theory to the proponent of fundamental analysis is to show that his more complicated procedures are actually more profitable than a simple random selection policy. As in the case of the chartist, the challenge is an empirical one. The analyst cannot merely protest that he thinks the securities he selects do better than randomly selected securities; he must demonstrate that this is in fact the case."
-Eugene Fama, "Random Walks in Stock Market Prices," Financial Analysts Journal (1965)
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