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in an efficient market, . all securities have the same price the excess return on all securities is zero all securities are fairly priced the return on all securities is the same

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If the market is effective and stocks are reasonably valued, the reward to risk ratio for all securities will be constant. The efficient market hypothesis (EMH) or theory states that share prices effectively reflect all information that is currently accessible. According to the EMH, stocks trade at their fair market value on exchanges.

EMH

EMH proponents assert that investing in a low-cost, passive portfolio has advantages for investors. Detractors of the EMH contend that securities may differ from fair market prices and that market outperformance is possible. Theoretically, neither technical nor fundamental analysis can reliably produce risk-adjusted excess returns, and the sole source of such returns is inside information.

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