With the "random walk" Malkiel claims that price movements in securities are unpredictable. Due to this random walk, investors cannot consistently outstrip the market as a whole. Performing fundamental analysis or technical analysis over time in the market is only a waste of time leading to poor performance. It would be better for investors to buy and hold an index fund.
Malkiel presents two popular investment theories corresponding to fundamental analysis and technical analysis. On the fundamental side, the "Firm-Organization Theory" argues that stocks have an intrinsic value that can be determined by discounting future cash flows (gains). Investors can also use valuation techniques to determine the true value of a security or market. Investors decide when to buy and sell based on these valuations.
Technically speaking, the "Airborne Fortress Theory" presumes that a successful investment depends on behavioral finance. Investors must set the mood of the market - bull or bear. Valuations are not important because a security is only worth the amount one is willing to pay.
The random walk theory is consistent with the semi-strong yielding hypothesis that it is impossible to outperform the market on a consistent basis. This theory argues that stock prices are efficient because they reflect all known information (earnings, expectations, dividends). Prices adapt quickly to new information, and it is almost impossible to act on that information. Moreover, price moves only with the emergence of new information and this information is random and unpredictable.
Random Walk and Non-Random Walk
In short, Malkiel attributes any outstanding performance success to lady luck. If enough people try, some are doomed to outperform the market, but many still underperform.
The Nonrandom Walk Theory
A Walk Without Random Gold trading signals  Wall Street is a collection of articles that provides empirical evidence that valuable information can be obtained at security prices. Lo and MacKinlay used powerful computers and advanced econometric analysis to test the randomness of security prices. Although this book has been widely read, the findings should be of interest to technical analysts and graphic artists. In short, this book documents the presence of predictable components in stock prices.
 
Just prior to this book, Andrew Lo  wrote an article for the Journal of Finance in 2000 gold signals  : Fundamentals of Technical Analysis: Computational Algorithms, Statistical Inference and Empirical Application. Harry Mamaysky and Jiang Wang also contributed. The newspaper's keynote speeches say it all:
“Technical analysis, also known as charting, has been a part of financial practice for decades, but this discipline has not received the same level of academic review and acceptance as more traditional approaches such as fundamental analysis. One of the main obstacles is the highly subjective nature of technical analysis. The presence of geometric shapes in historical price charts is often in the eye of the beholder. In this article, we propose a systematic and automated approach to technical pattern recognition using nonparametric kernel regression and apply this method to a large number of US stocks from 1962 to 1996 to evaluate the effectiveness of technical analysis. By comparing the unconditional empirical distribution of daily stock returns with a conditional distribution for certain technical indicators such as head and shoulders or double bottoms, During the 31-year sampling period, we saw that several technical indicators provide incremental information. and may have some practical value. "This article can be found at www.nber.org.
Rastgele Yürüyüş ve Rastgele Olmayan Yürüyüş
https://www.gold-pattern.com/en

Dow Teorisi
Ayrıca, etraftaki en eski sistemlerden birinin piyasadan daha iyi performans gösterebileceğine ve riski azaltabileceğine dair kanıtlar var. Dow Teorisi, hem Dow Transports hem de Dow Industrials yeni reaksiyon yükseklikleri kaydettiğinde satın almayı ve her ikisi de yeni reaksiyon düşük olduğunda satış yapıp hazinelere girmeyi amaçlar. Hisse senetlerinin dışına ve hazine tahvillerine geçiş riski büyük ölçüde azaltır çünkü riskli hisse senetlerine maruz kalmazsınız. Yıllar boyunca birkaç büyük kötü ayı piyasası olmuştur ve sermayeyi korumak, yatırım başarısının anahtarlarından biridir.
Rastgele Yürüyüş ve Rastgele Olmayan Yürüyüş
 Stephen Brown of the free gold signals University of New York , William Goetzmann of Yale, and Alok Kumar of Notre Dame University have published a study on Dow Theory in the Journal of Finance. The Dow theory system was tested against al-and-tut for the period 1929 to 1998. Over the 70-year period, the Dow theory system outperformed a buy and hold strategy by about 2% per year. Additionally, the portfolio carried significantly less risk. Compared using risk-adjusted returns, the margin of performance will be even greater. During the 18 years from 1980 to 1998, the Dow theory system underperformed the market at approximately 2.6% per year. However, when adjusted for risk, the Dow theory system

---

---