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All equity markets are efficient, Sarah said. I disagree, said Chloe. Large cap-markets are efficient but small-cap markets are not, she continued. Olivia went further.

All equity markets are efficient, Sarah said. I disagree, said Chloe. Large cap-markets are efficient but small-cap markets are not, she continued. Olivia went further. What about developing country markets. I think these are not efficient. What do you think? Is Sarah, Chloe or Olivia right? Or, are none of them right? Take a position and support it.

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