Finance & Investing · Investment Theory
Efficient Market Hypothesis
A topic within Investment Theory, itself one of 10 topics in that field and part of Finance & Investing.
Reading for Investment Theory
3Start here
No prior grounding assumed.
- BookA Random Walk Down Wall StreetBurton Malkiel, 1973
The case that costs and diversification dominate security selection for almost every investor over long horizons.
Then
Assumes you know the vocabulary.
- BookThe Intelligent InvestorBenjamin Graham, 1949
Investing is distinguished from speculation by margin of safety and by treating the market as a servant rather than a guide.
Go deeper
Primary sources and full treatments.
- PaperPortfolio SelectionHarry Markowitz, 1952
Fourteen pages establishing that risk is a portfolio property, not a security property, and that covariance is what matters.