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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 7 4:00 PM EST

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To: globestocks who wrote (63480)	11/30/2000 8:42:09 PM
From: KymarFye	Read Replies (1) of 99985

You're referring to A RANDOM WALK DOWN WALL STREET by Burton Malkiel. Largely as a result of recent interchanges on this board, I took the time to read the book (along with a lot of other material on Random Walk theory and related issues). Malkiel doesn't really refute Keynes' main idea (which may really be more a formulation of a commonplace than a true theory). I would say he implicitly relies on it or at least the theme when it suits his larger purposes. He simply disagrees with and stubbornly argues against the idea that, over the long run, you can get anywhere by trying to get ahead of other people's castle-conjurings (and castle-crashings). Here and elsewhere, Malkiel seems to take pleasure in knocking down simplistic straw man arguments in favor of technical AND fundamental analysis. Both his work, which is aimed at the average would-be investor, as well as the more sophisticated academic literature have, however, helped to inspire useful re-consideration of many widely held concepts in technical analysis and trading.

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