A Random Walk Down Wall Street

This is what economists mean when they say that stock prices behave very much like a random walk

representative “value” ETF sponsored by the Vanguard Group trades under the ticker symbol VVIAX

Charles Ellis, a longtime observer of stock markets and author of the brilliant investing book Winning the Loser’s Game, o

And as Robert Shiller, author of the best-selling Irrational Exuberance, has noted, the process feeds on itself in a “positive feedback loop.” The initial pr