This is an interesting concept to be teaching business school students.
Doesn't this amount to telling you your education is useless?
Doesn't this amount to telling you your education is useless?
If the stocks themselves are random walks, then the underlying company performance must be random walks. If your education does indeed improve the outcomes of the business you manage and run then that would mean stock performance can be influenced by things other than luck.
Unless of course you are operating under the premise that company performance and stock performance are unrelated.