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Markets are more likely to be weak form efficient than semi-strong efficient becausehistorical stock price information is easy to obtainif everyone traded on historical information, prices would fluctuate wildlyeasy profits would lead everyone to trade on historical informationdata from analyst reports, financial reports, and economic forecasts are arguably harder to obtain and to process than past stock datainsider information is illegal to trade oninvestors can only use information provided by the SEC

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