The American astrophysicist, M. F. Maury Osborne, was the first to publish the hypothesis that price follows a geometric Brownian motion (the distribution of price changes is log normal) (Osborne 1959), and was jointly responsible for the earliest literature identifying the fat tails (Osborne 1959), that price deviation is proportional to the square root of time (Osborne 1959) and nonstationarity (Osborne 1962).
Also known as: The EMH