Re: Random Walk
OK, let me get this straight. You believe that markets are too efficient to make any money (higher than average return of the market as a whole) through value investing, i.e., buying securities at a discount from their intrinsic value. Meanwhile, you believe money can be made through technical analysis.
This hypothesis is contrary to the evidence, but I understand that's debatable. However, it's also logically inconsistent, which is not excusable. If a security always trades at exactly its value, technical analysis cannot work. Why? Because technical analysis requires price fluctuations not based on the security's intrinsic value. QED.
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