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The'hard-to-beat' market hypothesis implies:
The
'hard-to-beat' market hypothesis implies:
Superiorreturns are difficult despite inefficiencies
Superior
returns are difficult despite inefficiencies
Arbitrageis costless
Arbitrage
is costless
Marketsare irrational
Markets
are irrational
Pricesalways equal intrinsic values
Prices
always equal intrinsic values
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