Efficent Market Theory - the notion that prices in the market instantly reflect all available information and thus accurately assess the value of assets.
In reality, people who really do their homework and keep their mouths shut while they invest can purchase securities at a price cheaper than the price they deserve on the merits.
190 posted on 09/20/2006 5:46:11 PM PDT by wideawake
("The nation which forgets its defenders will itself be forgotten." - Calvin Coolidge)