The Impressive Markets Hypothesis: Prices Still Know the Future
Evidence-based investors have long debated the efficient market hypothesis (EMH), popularized by Gene Fama. In the new era of social media echo chambers, meme stocks, and information overload, it has become fashionable to argue that markets are growing less rational. BlackRock’s William Ezratty, Gerald Garvey, Timothy McDade, and Andrew Robinson, authors of the study “The Impressive Markets Hypothesis: Prices (Still) Forecast Fundamentals,” published in the April 2026 issue of The Journal of Portfolio Management, push back on the narrative of declining market efficiency, arguing that markets remain far more efficient—and thus harder to beat—as stock prices remain impressive forecasters of future business performance. ….[READ]
