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>Now I don't know to what extent I do or don't buy into random walk myself, but this is a misunderstanding. If that was the case don't you think that along the way somewhere, one of the hundreds of academic minds that have studied it would have realized it?
We have, we just haven't solved what makes the "randomness" bull or bear. (other than some obvious enron, macro economic or behavioral issues)

Those silly Academia folks, simply modeled the fluctuations in stock prices using geometric brownian motion - which wall street calls "a random walk." There have been numerous studies on the distribution of stock returns and while a normal distribution is used-(or lognormal)to solve such difficult problems, Black Scholes etc., this is still a basic flaw (and is argued as a flaw by acedemics). The tails are typically to fat and there is a slight postive skew. This is really bad news for things like options, but good news for a random walk investor.

I read "Entirely random" by your use would be 50/50 chance bull or bear and that each event is independent and identically distributed - brownian motion?. Which would be as you suggest, not a walk with a bias -which has been shown to be the case with stocks. (at least I know with the S&P)

But on the original use, this was just a spoof/proof on timing the market! You CAN do it because historically, stock prices having not been "ENTIRELY" random! But this only gives profits equal to buy and hold (neglecting friction-or trading costs)
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