The idea that sharemarkets are efficient – that is, that share prices reflect reality – is a core belief of most investors, and indeed, society.
When markets are efficient, properly priced stocks help ensure that capital and resources are allocated to their best uses – and we all live happily ever after.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
