 Throughout that period, he looked at the market prices for noticeable trends and found that stocks with high price increases in the first five years tended to become under-performers in the following five years.Weber and other believers in the non-random walk hypothesis cite this as a key contributor and contradictor to the random walk hypothesis.Another test that Weber ran that contradicts the random walk hypothesis, was finding stocks that have had an upward revision for earnings outperform other stocks in the following six months.