Series 65 Exam Topic

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Efficient Market Theory



The efficient market theory believes that all of the available information is priced into the market at any given time and it is impossible to beat the market by taking advantage of price or time inefficiencies. Proponents of the efficient market theory may follow the theory in the following ways:


Weak-form efficiency - states that the future price of a security can not be predicted by studying the past price performance of the security. This form of the theory believes that technical analysis can not produce excess returns.


Semi-strong form efficiency – states that the market price of a security adjusts too rapidly to newly available information to achieve an excess return by trading on that information.


Strong-form efficiency – states that the current price of a security reflects all information known and unknown to the public and there is no opportunity to earn excess returns.

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