In fact, he goes to great lengths to show that there is no proof to suggest that either can consistently outperform the market. Any success outperforming the market with technical analysis or fundamental analysis can be attributed to lady luck. If enough people try, some are bound to outperform the market, but most are still likely to underperform. The basic random walk premise is that price movements are totally random. Judging from the chart, the price movements of Nemont Mining over this 5-month period would appear to be quite random.
Prices move at random and adjust to new information as it comes available.
The adjustment to this new information is so fast that it is impossible to profit from it. Attempts based on technical, fundamental or any other analysis are futile. Admittedly, he does have a point. Investors can easily buy index-based securities with very low transactions costs. While there are some good points to be gleaned from the random walk theory, it appears to be a bit dated and does not accurately reflect the current investment climate.