/ ˈwɒli; NAmE ˈwɑːli/ noun
( pl. -ies ) ( BrE , informal ) a stupid person
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WORD ORIGIN
1960s: perhaps a shortened form of the given name Walter . There are many theories of the origin: one story tells of a Wally who became separated from companions at a 1960s pop festival; the name, announced many times over a loudspeaker, was taken up as a chant by the crowd.