It's very wrong to say market is a random process# Stock
b*y
1 楼
Modern financial economics is built on a foundation of sands by assuming
stock market follows random process.
Key point: if stock market price really follows a random process, you can
never make a prediction at certain point of time, the simplest version: a
random walk so up or down is always 50:50, so stock market is a casino, and
if you gamble on the market you will be wiped out eventually.That's what
financial economics and efficient market hypothesis tell you, and they are
very wrong.
The cr
stock market follows random process.
Key point: if stock market price really follows a random process, you can
never make a prediction at certain point of time, the simplest version: a
random walk so up or down is always 50:50, so stock market is a casino, and
if you gamble on the market you will be wiped out eventually.That's what
financial economics and efficient market hypothesis tell you, and they are
very wrong.
The cr