If the efficient market hypothesis (EMH) was 100% accurate, then theoretically, no. However, theory and reality do not always match up. I would argue that the fact that you can effectively "beat" the "market" (though some of that depends on how you define "market" - is it the S&P 500 index? Dow Industrials? A composite index made up of a certain "percentage" of the S&P 500 and a bond index? Etc? and also how we define "beat" - is it on a pure percentage return basis? Risk adjusted basis? Etc.) during some periods, and even over long periods of time, shows that the EMH doesn't play out in the real world exactly how it does in the theoretical world (and it wouldn't be the first time there was a disconnect between theory and reality in the world of investments).
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