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So if semi-strong EMH is true, then it is useless for us to analyze stock in an attempt to separate winners from losers.
3) A strong EMH, which is based on all information, public or private. This one has evidence against, so it is illegal to use insider information for trading, as it would mean insiders taking profits from the general public and thus pushing them away from stock trading, something that society doesn't want.
According to the Oxford Journal for Financial Markets, there are 3 forms of EMH:
1) The weak form EMH is defined as the statement that no investor can earn excess returns from knowledge of past returns...
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