Today, the economic mainstream continues to argue that the bigger (measured by the number of actors) or ‘deeper’ financial markets are, the more likely they are to be efficient, revealing the ‘true’ price and therefore value of an asset in the sense defined by the Nobel Prize-winning US economist Eugene Fama.31 An ‘efficient’ market is, in Fama’s definition, one that prices every asset so that no further profit can be made by buying and reselling it.
That's absurd.
