We now know that the efficient market theory is for the birds, and that market failures can have devastating consequences for wide sectors of the public.

我们现在都已知道，有效市场理论只能用来骗骗白痴，市场失灵可能给广泛的公共部门造成毁灭性的后果。

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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。

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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。

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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

The academic concept of efficient market theory that prices already reflect all available information has led to the creation of index-tracking funds that allow investors to own a diversified portfolio at very low cost.

ECONOMIST: Investment management