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Explain market efficiency hypothesis

According to what I read inside a book, market efficiency hypothesis means that the expected average value of variations is zero in the shares price. Thus, the best estimate of the future price of a share is its price now, as this incorporates all the available information. Is it right?

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The relationship among the expected value of the shares (Et) for different years is: Et = Et-1 (1+Ket) – CFact. Et = Et-1 only when CFact = Et-1 Ket. It only happens in non-growing perpetuities.

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