随机漫步理论起源于很久以前。1900年，法国数学家Louis Bachelier在他的著作《投机理论》中首次使用了这个概念。按照Bachelier的说法，安全价格是相互独立的，之前的价格与安全的未来价格没有任何关系。股票价格极度失控;因此，未来远比前一个更难以预测(Jianlong, HafizahJaaman和BanuSamsudin, 2015)。直到20世纪60年代，“有效市场假说”(EMH)在金融界站稳脚跟之后，Bachelier的概念才开始活跃起来。此外，当尤金·f·法马教授发表他的博士论文《股票市场价格的行为》时，这个假说得到了普及。从那时起，这本书中提出的理论的重要性与日俱增。此外，即使在当前的市场情况下，这些理论也为投资决策提供了有益的贡献(Mak, 2006)。
在当代投资环境中，波顿·g·麦基尔(Burton G. Malkiel)在华尔街随机漫步的这本书被广泛地用作在股票市场上做出有效投资决策的有用指南。作者伯顿·g·麦基尔(Burton G. Malkiel)受到了尤金·法玛(Eugene F. Fama)教授的股票市场价格行为的极大影响，而他的继任者则非常重视前任的理论和原则。1973年，伯顿·g·麦基尔(Burton G. Malkiel)写了这本书(Rahardjo, 2014)。而且，即使是现在，这本书的理论和概念对于做出有效的投资决定也是非常有用的，这本书被认为是一个有价值的投资指南。
The idea of random walk theory was originated long before. In the year of 1900, the French mathematician Louis Bachelier first uses this concept in his book The Theory of Speculation. As per Bachelier, the security prices are independent of each other and the previous price has not any relevance upon the future price of the security. The stock prices are immensely uncontrollable; thus, the future is extensively unpredictable than the previous one (Jianlong, HafizahJaaman and BanuSamsudin, 2015). The concept of Bachelier was inactive until the 1960s when the “efficient market hypothesis” (EMH) got a foothold in the financial world. Moreover, the hypothesis got popularity when Professor Eugene F. Fama published his Ph.D. dissertation paper The Behaviour of Stock Market Prices. Since then the importance of the theories presented in this book is increasingly growing. Moreover, even in current market scenarios, the theories provide a useful contribution in making investment decisions (Mak, 2006).
In contemporary investment landscape, the book A Random Walk down Wall Street by Burton G. Malkiel is widely used as a useful guidance for making an effective investment decision in the stock market. The author, Burton G. Malkiel, was immensely influenced by the book The Behaviour of Stock market Prices by Professor Eugene F. Fama and successor author had given great emphasis to the theories and principals of the predecessor. In the year of 1973, Burton G. Malkiel wrote this book (Rahardjo, 2014). Moreover, even now, the theories and concepts of this book are very useful for making effective investment decisions, and the book is considered as a valuable investment guide.