In other words, in an efficient market at any point in time the actual price of a security will be a good estimate of its intrinsic value.Not to prolong the debate, but I think this is a difference in definitions. That Fama and Buffett both use the same term doesn't mean they mean the same thing. Buffett's what-the-company-is-really-worth isn't an EMT kind of concept.I agree with you about unreasonable stock option plans, though.
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