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To: ahhaha who wrote (882)	12/19/1998 10:58:00 PM
From: accountclosed	Read Replies (1) \| Respond to of 3558

Thanks for your response. I thought it had to involve a lot of work on tick by tick analysis. How many stocks do you track this way? And how do you identify stocks that you will follow this way? As you said it is a lot of work. Tia.

To: ahhaha who wrote (882)	12/19/1998 11:58:00 PM
From: DeplorableIrredeemableRedneck	Read Replies (1) \| Respond to of 3558

A relevant and amusing dissertation. Focusing on your random walk theory though leaves one a little dry. Just how efficient do you think the capital markets are? In my opinion you are one minded if you sustain such a 'blinder's eye view'. Are you suggesting that at any point in time a stocks price is the best estimate of the stocks true value? If buyers and sellers were to react to new information in the same way and at the same time no one would be capable of outperforming the others. There is a preponderance of evidence that suggests the capital markets are not efficient. The efficient market hypothesis and random walk theory are to limited in scope, and study in this area should be theoretical not practical. Not everyone has the same access to information. Buyers and sellers mix according to an immeasurable number of motives. Mass investor psychology and greed may also influence irrational behavior shoving aside prudent man theorems…