(Answered) What is capital-market efficiency what are its implications

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What is capital-market efficiency? What are its implications for investment performance in general? What are the implications for fund managers if the market exhibits the characteristics of weak, semi-strong, and strong form efficiency?

Suppose you are an advisor to wealthy individuals in the areas of equity investments. In 2005, would you recommend investing in Miller's Value Trust? What belief about equity markets does your answer reflect?

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