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Historically the RWT (Random Walk Theory) came first, as empirical observations by for example M.F.M. Osborne (1959) and others in the 1960s. The EMH came about as a result of theoretical work by Samuelson in 1965 ("Proof that properly discounted prices...") and E.Fama (1969) as a general empirical/theoretical hypothesis that guided the field for many ...


They are different concepts, and the relation between them can be described as a conditional: "if EMH holds (all available information about future price movements is already priced into the market), then future price movements will follow a purely random walk as new and unpredictable information emerges"

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