Respond to the following comments:

a. “The random-walk theory, with its implication that investing in stocks is like playing roulette, is a powerful indictment of our capital markets.”

b. “If everyone believes you can make money by charting stock prices, then price changes won’t be random.”

c. “The random-walk theory implies that events are random, but many events are not random. If it rains today, there’s a fair bet that it will rain again tomorrow.”