Efficient Market Hypothesis


What’s the argument AGAINST strong form? I guess you can’t disprive strong form - there’s no real way of testing if inside information can be profited from?

And also, the argument that HF managers have liquidity constraints is an argument to say EMH intrinsic values arbitraging doesn’t hold, but is this specifically an arguement against one of the forms - Fundamental/ Semi-strong?

Thank you,

Argument against the strong form of the EMH is that :

Regulations prevent any insider trading so participants cannot trade on private insider information ; it is not possible to trade with insider information , so the strong form of EMH cannot be verified to be either violated or substantiated. We just don’t see it happening on a scale that would lead to a statistical conclusion one way or another

that’s great, thank you,