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Forms of EMH

Weak Form: Current stock prices fully reflect available security market info. Volume info/ past price don't relate to future direction of security prices. Investor can't achieve excess returns using tech analysis.

Semi-Strong Form: Security prices instantly adjust to new public information. Investor can't achieve abnormal returns using fundamental analysis.

Strong Form: Stock prices fully reflect all information from public & private sources. Assumes perfect markets in which all information is cost free & available to everyone at the same time. Even with inside info, investor can't achieve excess returns.

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