InEfficient market hypothesis

The Efficient Market Hypothesis (EMH) is incorrect, and the hypothesis to replace it with is the Inefficient Market Hypothesis (IMH).
Markets are always moving towards efficient operation but never actually achieve it, sometimes deviating quite far from efficiency.
The IMH states: Spot market prices are almost always wrong. However over the course of a full business cycle the average price was the correct price. Therefore it is next to impossible to beat the market due inability in determining whether the spot price is either too high or too low, or the very unlikely but possible situation whereby the spot price is correct.
Reasons EMH is incorrect and why we new have IMH:
Insider dealing
Credit market issues
Asymmetric information
Information overload
Forced selling
Rapid changes in business environment due to government actions
Time delays in assimilating information
 
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