But Poincare´’s warning went unheeded and, indeed, interest in the area
developed by Bachelier waned, and Paul Levy, another well-known mathematician, wrote in the margin of Bachelier’s thesis, ‘Too much on
the stock market’. So as Cootner (1967, p. 79), who was the first to give a
clear definition of what constitutes the ‘efficient market hypothesis’, says: