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+The efficient market hypothesis is the statement that asset prices are always correct, in the sense that they never make predictable updates (change in a way predictable in advance from information available in the past). As a corollary, as prices are now attached to a very wide variety of phenomena ([[https://www.cmegroup.com/markets/weather.html|weather]], personal insurance, long-dated options, etc), the market is nigh-[[omniscient]]. The controversial strong-form EMH states additionally that assets are always priced correctly, and thus that [[people]] always make decisions which are in their self-interest.
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