Markets are efficient. At measuring who cares enough to calculate the price of something, who is exploiting it via fraud, how much society cares enough to inves

Markets are efficient. At measuring who cares enough to calculate the price of something, who is exploiting it via fraud, how much society cares enough to investigate that fraud, how good the business actually is, how many people are pumping the stock without knowing anything about it, how many people are dumping the stock without anyone knowing about it, how many people have a grudge against the CEO, how many people want to have the CEO's babies, etc. That they are efficient in communicating what a company is worth on fundamental financial level is laughably incorrect and not even worthy of "in best case scenario" theorizing. What they are efficient at is capturing literally EVERY possible human motivation to buy, sell, or ignore, and distilling it into a single number.