My personal feeling is that the stock market itself is far LESS efficient. 10 years ago it was just plain hard to do value investing. Now all that a fundamentalist approach seems to get you anymore is knowing that movements in one direction are favored more than the other direction. Moves that used to take me 3-5 years are now taking months at most. HEK may be an extreme example but it's not that unusual at all.My personal feeling for why this is, is that there are far fewer people actually doing any thinking about their investing. There are just far more software algorithms, index investors, and technical people following essentially nothing but random noise than actual stock investors.
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