The Efficient Market Hypothesis

If some about a company can be easily read in an annual report or readily discovered by a mathematically competent analyst, it stands to reason that this should already be appreciated by the market place. This is not necessarily true during market down turns and panics, when selling pressure can cause prices to decouple from fundamentals. Successful investing has to be more about superior judgments concerning, a, qualitative, non computable factors and b, how things are likely to unfold in the future,. Not your grandfather's market.