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Empiricalevidenceshowsthatfinancialmarketprice movementsareessentiallyrandom.Thisisevidencethat: Financialmarketsarereasonableefficientmarkets. FinancialmarketsareNOTefficientmarkets. Thisisirrelevantevidence,becausetherandomness ofmarketpricemovementsisNOTrelatedtothe efficiencyoffinancialmarkets. noneoftheabove.

Empiricalevidenceshowsthatfinancialmarketprice movementsareessentiallyrandom.Thisisevidencethat:

Financialmarketsarereasonableefficientmarkets.

FinancialmarketsareNOTefficientmarkets.

Thisisirrelevantevidence,becausetherandomness ofmarketpricemovementsisNOTrelatedtothe efficiencyoffinancialmarkets.

noneoftheabove.

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