How do you think about this argument? I think the EMH does hold
in the stock market in the long run. However, in the short run I am
not sure how much the EMH holds up. I believe that mispricing can
occur in the short run. The EMH can be challenged with the ideas of
momentum investing, behavioral finance, and fundamental analysis.
In a truly efficient market, there should be no serial correlation
among stock prices, but momentum investors would...