If the efficient market theory is correct, technical analysis should not work at all; the prevailing market price should reflect all information, including past price movements.

如果效率市场理论是正确的，技术分析应该根本不会奏效；主要的市场价应该反映所有信息，包括过去的价格浮动。

youdao

THE basic idea behind efficient market theory is that it seems implausible that there are $20 notes lying on pavements waiting to be picked up.

有效市场理论（efficient market theory）的一个基本思想是：你不可能在大街上发现20美元钞票等着你去捡。

youdao

The past ten years have dealt a series of blows to efficient-market theory, the idea that asset prices accurately reflect all available information.

过去十数年间已有多次对有效市场理论的打击，该理论认为资产价格是所有可得信息价值的准确反映。

youdao

Research Chairman Eisenstadt takes great satisfaction in having proved to adherents of the efficient market theory that the market can, in fact, be beaten.

FORBES: Magazine Article

At first glance, it may be easy to see a number of deficiencies in the efficient market theory, created in the 1970s by Eugene Fama.

FORBES: by Jason Van Bergen

Perhaps this is because investors are not the perfectly informed paragons found in efficient-market theory.

ECONOMIST: A must-read on the origins of the crisis