[quinnchr]

Interesting, I'm familiar with information theory but not in the context of financial markets. I'm a little confused though because I assume you're referring to the channel coding theorem (mixing a signal with random noise), but that seems like begging the question to me. Don't you have to make the assumption that the market is a predictable signal with noise for it to be applicable?

I'm sure people employed to predict the stock market believe they are able to predict the stock market, but as far as I'm aware it's an open question in academia.

Also, I should point out, although I do believe markets are random, the intent my original post was more to point out the parent's argument by authority.