According to the Random Walk Theory neither technical analysis, which is the study of past stock prices in an attempt to predict future prices, nor fundamental analysis, which is a study of the overall financial health of the economy, industry and the business of the company, would enable an investor to outperform the market. Accordingly, any attempts to outperform the market are essentially a ‘game of chance’ rather than one of ‘skill’. However, the theory has met with a lot of opposition.


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