[rchaud]

Burton Malkiel's "A Random Walk Down Wall Street" was published in 1973, well before significant changes to financial markets that affect its theoretical randomness.

1. 401Ks were introduced in 1978, making mainstream the concept of automatic payroll deductions that funded an investment account. Trillions more dollars moved into pension funds that might otherwise have been spent elsewhere.

2. Bloomberg Terminals went online in 1982, kicking off an ever-growing information assymetry between investment professionals and retail investors.

3. Electronic trading didn't take off until 1992 with Globex, the Chicago Mercantile Exchange's platform

4. High-frequency trading didn't take off until 2005 or so

5. Finally, the Nasdaq changed its rules in 2026 in a way that directly benefited new IPOs like SpaceX, triggering automated purchases from investment funds, propping up its price beyond what its business fundamentals might have justified.