I am not addressing the concept of Efficient Market Theory as my understanding is that EMT does not start from the position that markets are made unfair by criminal manipulation. What I am suggesting is that for EMT to have any chance of operating in the real world you need to eliminate criminal market manipulation.
Elimination is probably impossible because just as has been seen here over an over again investors do not all do proper research however just as you can instal security to protect your valuables from criminals you can instal knowledge of the true situation regarding your particular investmentm should you choose to do so.
Removing criminal manipulation should allow for the market to operate efficiently and when a once leading financial paper publishes clearly untruthful or misleading information about your investment you will know it is untrue and misleading and it will not then interrupt the normal market forces affecting your investment.
When someone purporting to be an independent financial advisor publicly states something like "if the technology really works" hereto the installed knowledge would act to secure you from the fear that this could generate in the mind of an investor who does not understand the technology and does not know that it actually is proven to work.
So to the extent that EMT has relevance to what I have said it is in the context that EMT can only work absent criminal manipulation of investor sentiment.
The question of whether there is EMT in an otherwise imperfect world is a different question.
My opinion only DYOR
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AKIDA BALLISTA
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