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Many try to not only profit from their investments, but to beat the market. This essay will discuss the theory that the market is so efficient that it cannot be beaten and any abnormal profits made by investors is purely by chance. If the market is as efficient as Fama, the founder of the Efficient Market Hypothesis suggests then fundamental and technical analysis is of no use. So how can investors such as Warren Buffet make millions investing in stocks if performance is random? Mclaney, 2000, described an efficient capital market as, “When security prices at all times rationally reflect all available, relevant information, the market in which they are traded is said to be efficient.” If this statement is true, any new information about a firm will be noticeable in the market price of security very quickly. It will also be incorporated into the price of stocks rationally both in terms of size and direction of security price movement.

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