[littlestymaar]

See Bob Schiller's work (for which he received the econ Nobel prize in 2013).

The “weak version of EMH” has nothing to do with markets being “efficient”, it's a property of random markets. Assimilating the two just Fama's motte-and-bailey fallacy.

[eru]

When you say 'random' you probably mean that market prices are a Martingale? See https://en.wikipedia.org/wiki/Martingale_(probability_theory...

That's very, very related to being efficient.

> Assimilating the two just Fama's motte-and-bailey fallacy.

No, not at all.

[littlestymaar]

> That's very, very related to being efficient.

“No, not at all”.