Market Efficiency (2025 Level I CFA® Exam – Equity – Module 3)

Описание: Learn Market Efficiency for the 2025 CFA Level I Exam. This lecture explains Eugene Fama’s Efficient Market Hypothesis (EMH) and its implications for analysts, investors, and portfolio managers.

What you’ll learn

Meaning and importance of market efficiency

EMH by Eugene Fama: weak, semi-strong, strong forms

Market vs intrinsic value

Factors affecting efficiency

Market anomalies and behavioral finance

Active vs passive portfolio management

LOS covered

Describe market efficiency and related concepts

Contrast market and intrinsic value

Explain factors affecting efficiency

Contrast weak, semi-strong, strong forms

Describe anomalies and behavioral finance relevance

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Topic 5 – Equity Investments
Module 3 – Market Efficiency
0:00 Introduction and Learning Outcome Statements
6:39 LOS : Describe market efficiency and related concepts, including their importance to investment practitioners.
15:12 LOS : Contrast market value and intrinsic value.
19:19 LOS : Explain factors that affect a market’s efficiency.
21:55 LOS : Contrast weak-form, semi-strong-form, and strong-form market efficiency.
31:22 LOS : Explain the implications of each form of market efficiency for fundamental analysis, technical analysis, and the choice between active and passive portfolio management.
36:37 LOS : Describe market anomalies.
52:25 LOS : Describe behavioral finance and its potential relevance to understanding market anomalies.

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