Semi-strong form market efficiency is basically a hybrid version of weak form and strong form market efficiency. It is considered to be the most accurate when it comes to the efficiency of developed markets.
Semi-strong market efficiency assumes that there is a short delay when new information is accounted for in the stock market. This provides investors with a short window of time to gain an advantage.
Semi-strong market efficiency suggests that stock prices account for all publicly available information, not information that is held privately.
For that reason, semi-strong market efficiency assumes that the only way to make above-average returns is to obtain and utilize private information. Investors that don’t are at a disadvantage.
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