Louis Bachelier Quotes

• The mathematical expectation of the speculator is zero.

  Louis Bachelier

  Zero, Expectations, Mathematical

  Louis Bachelier (2011). “Louis Bachelier's Theory of Speculation: The Origins of Modern Finance”, p.28, Princeton University Press

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• There is no useful information contained in historical price movements of securities.

  Louis Bachelier

  Historical, Movement, Information

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• Clearly the price considered most likely by the market is the true current price: if the market judged otherwise, it would quote not this price, but another price higher or lower.

  Louis Bachelier

  Currents, Higher, Ifs

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