Rose85
Consider that a major executive of an oil and gas company mentions at lunch to a friend who is a portfolio manager that the government of Qatar is about to award her firm a huge exploration contract. The price of the stock when the conversation occurred was 50QRs per share. The friend proceeded to advise her best clients to purchase stock in the company. Just before the government of Qatar announces the deal, the stock price had risen to 60QRs per share. After the announcement the stock did not change its value. Is the market efficient? Why, or why not?