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download The (now largely discredited) theory that all market participants receive and act on all of the relevant information as soon as it becomes available.If this were strictly true, no investment strategy would be better than a coin toss. Proponents of the
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efficient-market hypothesis (EMH) is a theory in financial economics that states that asset prices fully reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information.
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