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The classic stock market analysis was widely criticized by the random walk theory. According to this theory, financial asset prices follow a random walk, and not predictable by any system of analysis, so that both technical analysis and fundamental analysis would be useless. The framework established by the random walk theory and the theory of market efficiency, and the new portfolio theory, have been discred, at the academic level the two versions of classic stock analysis, although the professional level, is widely used.

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