Lo and Behold: A Non-Random Walk Down Wall Street

For those technical analysis haters out there (and there are lots of them), Dr. Andrew W. Lo's presentation titled "Technical Analysis: An Academic Perspective" at the MTA Symposium on May 16 must have come as quite a shock. Here was a distinguished academic, a professor at MIT with impeccable credentials who has over the past 2 decades not only produced numerous seminal papers disproving the random walk theory (most notably Lo & MacKinlay (1988), a paper pointedly titled "A Non-Random Walk Down Wall Street") but also proved the utility of technical analysis (Lo, Mamaysky & Wang (2000)).
More on this presentation in future posts.