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One of the first to seriously challenge the Chicago School of Random Walkers
was none other than Victor Niederhoffer. His anecdotes of his years in the
economics department at the U of C make for good reading. See *Education of
a Speculator*.
> It's really not so surprising. I suspect that the originators of the
> random walk theory are academics who tried their hand at trading and
> failed. Naturally if they, with their superior intellect, couldn't
> succeed, we are all poor deluded fools to think we can do it. So, they
> constructed an elaborate scientific justification for their own
> inadequacy and regained their ivory-tower sense of superiority. Only
> now, when other academics are successfully poking holes in the random
> walk theory, are they finally starting to accept what traders have known
> all along.
>
> --
> Dennis
>
>
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