When Burton Malkiel published A Random Walk Down Wall Street 50 years ago, he said a blindfolded chimpanzee throwing darts could pick a stock portfolio that would do as well as one created by experts.

Random walk theory holds that short-term and mid-term price movements of a specific stock appear to be random and thus are unpredictable. Using a share price’s past movements, for example, is an ...

Burton Malkiel is known as an advocate of low-cost, passively managed portfolios. But when it comes to boosting after-tax returns, he favors an active approach. Malkiel, author of investing classic A ...

Random walk theory is a financial model which assumes that the stock market moves in a completely unpredictable way. The hypothesis suggests that the future price of each stock is independent of its ...