The fact that less than half of all equity fund managers beat the market in most years indicate that the stock market is O ripe for disruption largely efficient profitable for more competent manager not fully efficient A method used to determine the value of a stock by analyzing the earnings prospects while considering the business environment in which the company operates is called operational analysis fundamental analysis technical analysis risk analysis industry analysis In an efficient market o all securities are fairly priced the excess return on all securities is zero the return on all securities is the same oall securities have the same price