depends entirely on your definition of price. But generally speaking, the idea that the stock market is efficient at allocating resources is just not true. It's

depends entirely on your definition of price. But generally speaking, the idea that the stock market is efficient at allocating resources is just not true. It's an ok-ish thing to say for a 101 course (i.e a first introduction) on the topic, but it very quickly becomes clear how inefficient things can be in practice