And I quote…
“The growth and acceptance of modern finance theory began in the 1960’s. It excluded technical analysis as unworthy of study or use. Indeed, Burton Malkiel (of A Random Walk Down Wall Street Fame) said that it “shared a pedestal with alchemy.” The theory of efficient markets and random prices precluded the usefulness of charts or any study of price behavior (as well as fundamental information), and as a result technical was not taught in any university finance department.
That opinion is changing, however, as the efficient market hypotheses and belief in the random nature of stock prices has come under considerable criticism in the past ten years both from statisticians and from behaviorists. Most of today’s investment portfolio managers received their MBA in the period when technical analysis was disregarded by the efficient market theories. The principal reason for their belief in efficient markets is that their finance education included nothing but those theories. 
It is the opinion of the Educational Foundation and the MTA that one way to reverse this strict emphasis on the old and dying investment theories is to educate academics and persuade them to accept and teach technical theory. Already, courses in behavioral finance have sprung up, and while behavioral finance has met considerable resistance from the founders of efficient market theories, the tide is beginning to change in favor of the reality we all know. If we can accept that human behavior is the source for most the technical indicators, then, hopefully, we can persuade these new believers to teach both behavior and technical analysis in investment classes.”
Market Technicians Association
Bashir Georges Bou-Assi
Tags: Charts, Fundumental Analysis, Market Technician, Technical Analysis
