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For decades, the financial world operated under a comforting assumption: markets are efficient, rational, and follow a "random walk." However, the 1991 publication of Chaos and Order in the Capital Markets by Edgar E. Peters challenged this bedrock of modern portfolio theory. Peters argued that instead of being random, markets are —deterministic yet unpredictable, governed by nonlinear dynamics rather than simple linear equations. The Collapse of the Efficient Market Hypothesis (EMH) chaos and order in the capital markets pdf