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Market efficiency requires: arbitrage conducted by irrational investors. the absence of arbitrage. speculation by amateur investors. all investors to be rational. countervailing irrationalities.

  1. Market efficiency requires:

    1. arbitrage conducted by irrational investors.

    2. the absence of arbitrage.

    3. speculation by amateur investors.

    4. all investors to be rational.

    5. countervailing irrationalities.

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