1. Discuss the three theoretical levels of market efficiency and tell which you feel applies to the U.S markets. Explain your selection. Do you feel some securities markets around the world are more efficient than others?

2, Discuss a case in which you feel that the market price of a stock was driven by a fad and not fundamental value. Explain how the bursting of the Stock Market Bubble in 2001 may have led to the Housing Bubble.