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We believe US stock markets are somewhat semi-strong efficient. Yet, prices change all the time. This is because: New public information comes all the time.

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We believe US stock markets are somewhat semi-strong efficient. Yet, prices change all the time. This is because: New public information comes all the time. And investors are constantly adjusting their expectations. The stock market is just random. Computers are trading too fast. There is too much regulation and barriers on trading stocks

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