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Medium & Long Terms Winning Strategies
BY: Oliver Schoeffel
Product Rights:
Personal Use Only

The Efficient Market Hypothesis (EMH) states that price fluctuations of financial products or goods are unpredictable from the historical time series of those changes. Indeed, all available information is included in these prices, which build the consensus between fully rational agents that would otherwise immediately arbitrage away any deviation from the fair value. Thus, there is no way of making a profit on an asset by simply using the recorded history of its price fluctuations and the price is at any instant the best prediction of future values. Then, price history is essentially random...

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