[eru]

> Efficient-market hypothesis (EMH) is a theory in financial economics that states that an asset's prices fully reflect all available information.

(https://en.wikipedia.org/wiki/Efficient-market_hypothesis)

So, if buggy-whip manufacturing is really such a terrible business that everyone can tell will go under in a few years, their shares will already trade low.

For today's care manufacturers, the jury is still out and they can still pay quite a few dividends even when in decline. Hence their reasonable non-zero share price.

> I don't think that term means what you think it means.

Please re-evaluate.