  In this paper we initiate the study of a fundamental yet untapped random
model of non-selfadjoint, bounded linear operators acting on a separable
complex Hilbert space. We replace the weights $w_n=1$ in the classical
unilateral shift $T$, defined as $Te_n=w_ne_{n+1}$, where
$\{e_n\}_{n=1}^\infty$ form an orthonormal basis of a complex Hilbert space, by
a sequence of i.i.d. random variables $\{X_n\}_{n=1}^{\infty}$; that is,
$w_n=X_n$. This paper answers basic questions concerning such a model. We
propose that this model can be studied in comparison with the classical
Hardy/Bergman/Dirichlet spaces in function-theoretic operator theory.
  We calculate the spectra and determine their fine structures (Section 3). We
classify the samples up to four equivalence relationships (Section 4). We
introduce a family of random Hardy spaces and determine the growth rate of the
coefficients of analytic functions in these spaces (Section 5). We compare them
with three types of classical operators (Section 6); this is achieved in the
form of generalized von Neumann inequalities. The invariant subspaces are shown
to admit arbitrarily large indices and their semi-invariant subspaces model
arbitrary contractions almost surely. We discuss a Beurling-type theorem
(Section 7). We determine various non-selfadjoint algebras generated by $T$
(Section 8). Their dynamical properties are clarified (Section 9). Their
iterated Aluthge transforms are shown to converge (Section 10).
  In summary, they provide a new random model from the viewpoint of probability
theory, and they provide a new class of analytic functional Hilbert spaces from
the viewpoint of operator theory. The technical novelty in this paper is that
the methodology used draws from three (largely separate) sources: probability
theory, functional Hilbert spaces, and the approximation theory of bounded
operators.
