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There are theories regarding 3 types of market efficiency (Fama, 1970). Briefly describe (half A4) - for a layman what these markets mean, what distinguishes

There are theories regarding 3 types of market efficiency (Fama, 1970). Briefly describe (half A4) - for a layman what these markets mean, what distinguishes them and its connection to portfolio selection theory, ie how portfolio managers can be thought to reason based on the different market forms.

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