[Related to the Apply the Concept: "Do the Stock Market Fluctuations During the Covid-19 Pandemic Disprove the Efficient Markets Hypothesis?"] A columnist in the Economist argues that the efficient markets hypothesis has been "dealt a series of blows" because "in the late 1990s dot-com companies with no profits and barely any earnings were valued in billions of dollars; and in 2006 investors massively underestimated the risks in bundling together portfolios of American subprime mortgages." Explain how the incidents this columnist discusses may be inconsistent with the efficient markets hypothesis. The efficient market hypothesis assumes that stock prices will reflect During the dot-com bubble while in 2006 investors ended up massively underestimating the risks of subprime mortgages since