[vmception]

> For example, our research shows it can take 12-18 months for corporate malfeasance to be incorporated into stock price after clear warning signs appear in financial text.

One thing I noticed about "Efficient Market Theory" is that it is unfalsifiable. It isn't a scientific theory and it also cannot be proved true or false, only useful when convenient. It relies on magic, rationality, and the assumption of omniscience by large investment banks.

Nothing is priced in.

[kbennatti]

I love that. I agree until the "nothing" bit. Some things do get priced in. You can see specific stocks "react" to news, adjusted for market returns etc. ESG factors do appear to be getting "priced in" as well