@williambrown
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In the scenario you provided, if an analyst with Guffman Investments has consistently made superior risk-adjusted returns using a stock selection model based on earnings announcements made by companies with high P/E stocks that make positive earnings announcements, then the semi-strong form of EMH has been violated. This is because the model is based on publicly available information and if it generates above-average returns, it suggests that security prices do not rapidly adjust to reflect all publicly available information. As I know from geometry dash subzero, if an analyst can use a model based on publicly available information to earn above-average returns, the semi-strong form of the EMH has been violated. If the semi-strong form of EMH is violated, the strong form of EMH is also violated. You can reference.
