Evidence-based investors have long debated the efficient market hypothesis (EMH), popularized by Gene Fama. In the new era of social media echo chambers, meme stocks, and information overload, it has become fashionable to argue that markets are growing less rational. BlackRock’s William Ezratty, Gerald Garvey, Timothy McDade, and Andrew Robinson, authors of the study “The Impressive Markets Hypothesis: Prices (Still) Forecast Fundamentals,” published in the April 2026 issue of The Journal of Por...
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