Jason has just attended a seminar in which he learned about the concept of efficient
markets. He tells you what he has learned and his conclusion: "The U.S. financial
markets are largely semistrong efficient, which means that I can't expect to earn any
excess returns on my investments, no matter how much risk I take, since I don't have
any insider information. Therefore, I should just keep my money in a savings account
or invest in a risk-free asset like a Treasury bond." Comment on Jason's conclusion.

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The Answer of Jason has just attended a seminar in which he learned about the concept of efficient
markets. He tells you what he has learned and his conclusion: "The U.S. financial
markets are largely semistrong efficient, which means that I can't expect to earn any
excess returns on my investments, no matter how much risk I take, since I don't have
any insider information. Therefore, I should just keep my money in a savings account
or invest in a risk-free asset like a Treasury bond." Comment on Jason's conclusion.

Jason Has Just Attended a Seminar in Which He Learned