Each price movement is unpredictable and independent

from past movements.

Uses trends and historical price movements to forecast

future stock prices

Assumes stock prices respond quickly and accurately to

all newly released public news.

Begins with analysis of macroeconomic trends,

then narrows down to industries and specific firms

Involves evaluating a firm’s cash flows, risks, and

growth to estimate stock value.

Starts with analysis at the company’s fundamental level, then expands to consider the broader industry and economy

The global outbreak of COVID-19 in early 2020

caused widespread panic and sharp declines across all major stock markets

Public information about a new project of company

PINKMINK allows investors to earn abnormal returns.