Quotes About EMH

Fundamental analysis often works, but it often fails. Technical analysis often works, and then it does not work. Economists speak of economic cycles, but none can be found analytically. Traders speak of market cycles; they too cannot be proven. To top it off, the critics of the EMH have been unable to offer an alternative that takes all the discrepancies into account. In few other areas are theory and practical experience in such little agreement.

The efficient market hypothesis (EMH) explains this phenomenon: current market prices reflect the total knowledge and expectations of all investors, and it is highly unlikely that one investor can know more than the market does collectively. For