Can some one explain Efficient Market Hypothesis?

Hi community! I would be very grateful if someone could help me with this. Please provide detail description of the Efficient Market Hypothesis?
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"Efficient Market Hypothesis - The current prices of securities reflect all information about the security (Random Walk Hypothesis) - New information regarding securities comes to the market in a random fashion - Profit-maximizing investors adjust security prices rapidly to reflect the effect of new information. The expected returns implicit in the current price of a security should reflect its risk (Fair Game Model). Source: http://in.docsity.com/en-docs/Efficient_Market_-_Security_Analysis_and_Portfolio_Management_-_Solved_Quiz_"
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Beginning nineties cash market place concept that it is extremely hard to be able to take in unnatural funds results or earnings based on this market facts.
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