French mathematician and academic (b. 1870), Birth: 11-3-1870, Death: 28-4-1946
1.
There is no useful information contained in historical price movements of securities.
Louis Bachelier
2.
The mathematical expectation of the speculator is zero.
Louis Bachelier
3.
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.
