Those who adhere to the random walk theory also point out that the timing of new data and news is unpredictable, and that stock prices react quickly to the introduction of new information.
Authors Guofo Zhou and Yingzi Zu use some complex math based on the random-walk theory to show that the odds of watching half your liquid net worth evaporate are roughly similar to those of another major life event: death.
Varadhan, New York University, for his work in probability theory, especially his work on large deviations from expected random behavior which has revolutionized this field of study during the second half of the 20th century, and become a cornerstone of both pure and applied probability.