#Firstdealofthenewyearastylz Abstract The Efficient Market Hypothesis (EMH) is a cornerstone of modern financial theory, asserting that financial markets reflect all available information, making it impossible for investors to consistently achieve above-average returns. This case study examines EMH in depth, outlining its theoretical framework, empirical evidence, and criticisms. Furthermore, we explore real-world implications, including anomalies that challenge EMH and alternative market theories. 1. Introduction • Brief overview of EMH and its relevance in finance. • Importance of market efficiency in investment decisions. • Objectives of this case study. 2. Theoretical Framework of EMH 2.1 Definition of EMH • Coined by Eugene Fama in the 1970s. • The idea that asset prices fully reflect all available information. 2.2 Forms of EMH 1. Weak Form Efficiency • Prices reflect all past trading information. • Technical analysis is ineffective. 2. Semi-Strong Form Efficiency • Prices incorporate all publicly available information. • Fundamental analysis does not provide an advantage. 3. Strong Form Efficiency • Prices reflect all public and private information. • Even insider trading cannot generate consistent excess returns. we shall continue tomorrow