Source: Independent Institute
by Caleb Petitt
“The efficient market hypothesis (EMH) posits that market prices accurately reflect all available information. There are three forms of the EMH: weak, semi-strong, and strong. Each form supposes different sets of information that are fully reflected in market prices. The weak EMH information set consists of historical prices, the semi-strong form includes all publicly available information, and the strong form encompasses information privately held by individual investors or groups. Essentially, no one believes that the strong form holds completely, and most economists believe that the weak form generally holds.” (12/04/25)
https://www.independent.org/article/2025/12/04/defending-efficient-market-hypothesis/