Market Efficiency, central to the Efficient Market Hypothesis (EMH) proposed by Eugene Fama, posits that asset prices in a financial market fully reflect all available information at any given time. The theory exists in three forms: Weak Form (prices reflect all past trading data), Semi-Strong Form (prices incorporate all publicly available information), and Strong Form (prices reflect even insider information). If markets are perfectly efficient, it is theoretically impossible to consistently outperform the market through analysis. However, real-world market anomalies and behavioural biases challenge this hypothesis.
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