Many professionals regard the equity markets to be a bit like Las Vegas. That is, it's possible to win big if you take high risks, but the odds are in favor of the casinos. In the case of the equity markets, it's possible to beat the stock index funds if you take the risks, but the odds are against it.

1) Explain the concept of efficient markets. Are the equity capital markets inefficient? 2) What is the role of accounting in an efficient market? 3) Is it worth investing the time and money to beat the market? Does it help to conduct financial statement analysis? Should you time the markets?