 The random walk null hypothesis for quarterly stock prices was rejected in favor of stationary alternatives using several test statistics appropriate for longitudinal ("panel") data.Peter Lynch, a mutual fund manager at Fidelity Investments, has argued that the random walk hypothesis is contradictory to the efficient market hypothesis -- though both concepts are widely taught in business schools without seeming awareness of a contradiction.If asset prices are rational and based on all available data as the efficient market hypothesis proposes, then fluctuations in asset price are "not" random.