The _A__ is still one of the most important ideas in finance theory. It states that asset prices are approximately __B__ their intrinsic values. However, the real world seems inconsistent with the hypothesis, which created __C___ finance. Investors and managers behave differently in down markets than they do in up markets and individuals tend to __D___ their true abilities.
If the stock market is __E___, it's a waste of time for pick individual stocks. Stock prices already reflect all publicly available information and these stocks will be __F____ priced. Most importantly, the portfolio should be ___G__.
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