

Noisy market hypothesis - wslh
http://en.wikipedia.org/wiki/Noisy_market_hypothesis

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mmalik
The markets are neither 100% efficient nor 100% noisy. There is a happy medium
somewhere in between.

An indirectly related, but telling anecdote: In their financial models, M&A
bankers are often told to ignore stock prices 24 hours prior to a deal's
announcement. Insider trades artificially raise the price during this time.

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hammock
Makes sense to me.

