In a recent discussion with you about market efficiency, two of your clients made the following comments.
Client 1: “The paradox of the Efficient Market Hypothesis is that larger numbers of investors have to disbelieve the hypothesis in order to maintain efficiency.”
Client 2: “The successful investors will be those who believe in the irrationality of people and exploitability of markets.”
Critically discuss the clients’ comments, with reference to Efficient Market Hypothesis and behavioural finance.
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