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reflect that information, then investors can trade on it, thereby moving the price until the information is no longer useful for trading.Note that this thought experiment does not necessarily imply that stock prices are unpredictable.For example, suppose that the piece of information in question says that a financial crisis is likely to come soon.Investors typically do not like to hold stocks during a financial crisis, and thus investors may sell stocks until the price drops enough so that the expected return compensates for this risk.How efficient

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