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alienist comments on Open Thread, Feb. 2 - Feb 8, 2015 - Less Wrong
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The so-called "weak efficient market hypothesis" is more-or-less correct. The "strong efficient market hypothesis" falls apart once you attempt to taboo "efficient".
Another way to phrase this is that in some strict sense market "inefficiencies" exist, finding them is a hard problem. (The general case of this problem is NP-hard.)