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Describe your understanding of Market efficiency? Why should one believe it exists? If true, discuss the implications for the investment management industry in light of

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Describe your understanding of Market efficiency? Why should one believe it exists? If true, discuss the implications for the investment management industry in light of often used techniques like Technical Analysis and Fundamental Analysis? Portfolio management by money managers is required in efficient markets? Why? (The answer to this has to be in your own words, not copy and paste from any external source)

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