But it is also one for practitioners."-Diane Coyle, The Independent ![]() "With all its equations, this book is going to turn out to be a classic text in the theory of finance. ![]() Here they marshal the most sophisticated techniques of financial theory to show that the market is not completely random after all."-Jim Holt, Wall Street Journal for hard statistical evidence of predictable patterns in stock prices. This book invites scholars to reconsider the Random Walk Hypothesis, and, by carefully documenting the presence of predictable components in the stock market, also directs investment professionals toward superior long-term investment returns through disciplined active investment management. A particular highlight is their now-famous inquiry into the pitfalls of “data-snooping biases” that have arisen from the widespread use of the same historical databases for discovering anomalies and developing seemingly profitable investment strategies. The articles track the exciting course of Lo and MacKinlay’s research on the predictability of stock prices from their early work on rejecting random walks in short-horizon returns to their analysis of long-term memory in stock market prices. Their book provides a state-of-the-art account of the techniques for detecting predictabilities and evaluating their statistical and economic significance, and offers a tantalizing glimpse into the financial technologies of the future. In this volume, which elegantly integrates their most important articles, Lo and MacKinlay find that markets are not completely random after all, and that predictable components do exist in recent stock and bond returns. Craig MacKinlay put the Random Walk Hypothesis to the test. Trade/invest wisely.For over half a century, financial experts have regarded the movements of markets as a random walk - unpredictable meanderings akin to a drunkard’s unsteady gait - and this hypothesis has become a cornerstone of modern financial economics and many investment strategies. BEWARE OF DIRECT TEXT OR DIRECT MESSAGE, THESE ARE ALL SCAMMERS! Scamming, trolling, racist, or any hate related comments will not be tolerated on this channel, any one of these will lead to permanent BAN from this channel without warning. BEWARE OF COMMENTS WITH NUMBERS, AND OR ANY SPECIAL CHARACTERS. BEWARE OF ANY COMMENT WITH WHATSAPP, TEXTME+, OR TELEGRAM IN THE TITLE OR IN THE COMMENT ITSELF, THESE ARE SCAMS! BEWARE OF ANY COMMENTS OR TITLES CONTAINING MY NAME OR PICTURE. Gregory Mannarino and any affiliate thereof expressly disclaims any and all responsibility for any direct, indirect, or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in this publication, (ii) any error, omission, or inaccuracy in any such information or (iii) any action resulting therefrom. This publication does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation or offer to buy or sell any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. Accordingly, this publication does not constitute investment advice or counsel or solicitation for investment in any security. None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended. Nor does it constitute in any way or suggest in any way that you as an individual investor, corporate investor or otherwise, should engage in trading or investing in any such asset/stock/exchange traded fund, etc. ![]() WANT TO SUPPORT MY WORK WITH CRYPTO? Please click: ĭISCLAIMER: This post is for informational purposes only and does not constitute an offer, recommendation, or solicitation to buy or sell securities. M BACK ON TWITTER! My Book "A (NOT) So Random Walk On Wall St. Links to MMRI, FREE Chat Room, FREE Charts, FREE Downloads, MORE! Click:
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