The future value of a stock may change according to future events, but using current information to predict what the ‘fair value’ is fallacious because all the information that you use in your analysis is already accounted for in the price. All the information, in other words, is ‘priced in’. Believers in this hypothesis do not believe in data mining and stock analysis to find ‘cheap’ stocks, because in their book, there is no such thing. Every stock in the market is priced fairly at every point in time, and all the market does is react to events as they come in, faster and more efficiently
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