Respond to each of the following comments. a. If stock prices follow a random walk, then capital markets are little different from a casino. b. A good part of a company’s future prospects are...

Respond to each of the following comments.

a. If stock prices follow a random walk, then capital markets are little different from a casino.

b. A good part of a company’s future prospects are predictable. Given this fact, stock prices can’t possibly follow a random walk.

c. If markets are efficient, you might as well select your portfolio by throwing darts at the stock listings in The Wall Street Journal.