At equlibrium, the stock market may be a markovian process.
	文章來源: armorr 於 2010-05-11 08:22:18

But the market seldom stays at equilibrium. Therefore stock market is fundamentally difference from gambling. One can do some prediction after some very careful analysis. For example, fundamental analysis is useful in figuring out the overrall direction of the market on a large time scale.