“A weakness of the random-walk model lies in its assumption of instantaneous adjustment, whereas the information impelling a stock market toward its "intrinsic value" gradually becomes disseminated throughout the market place.”

—  Richard Arnold Epstein

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Nine, Weighted Statistical Logic And Statistical Games, p. 299

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Richard Arnold Epstein27
American physicist 1927

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