The concept can be traced to French mathematician Louis Bachelier whose Ph.D. dissertation titled "The Theory of Speculation" (1900) included some remarkable insights and commentary. Same ideas were later developed by Massachusetts Institute of Technology professor Paul Cootner in his 1964 book The Random Character of Stock Market Prices.[1] The term was popularized by the 1973 book, A Random Walk Down Wall Street, by Burton Malkiel, currently a Professor of Economics and Finance at Princeton University,[2] and was used earlier in Eugene Fama's 1965 article Random Walks In Stock Market Prices,[3] which was a less technical version of his Ph.D. thesis. The theory that stock prices move randomly was earlier proposed by Maurice Kendall in his 1953 paper, The Analytics of Economic Time Series, Part 1: Prices.[4]