Your wikipedia quote is badly out of context. The article as a whole does not agree with you. A better summary of wikipedia’s definition is given right at the start of the article:
There are three major versions of the hypothesis: “weak”, “semi-strong”, and “strong”. The weak-form EMH claims that prices on traded assets (e.g., stocks, bonds, or property) already reflect all past publicly available information. The semi-strong-form EMH claims both that prices reflect all publicly available information and that prices instantly change to reflect new public information. The strong-form EMH additionally claims that prices instantly reflect even hidden or “insider” information.
Your investopedia quote is less out of context, but you still omit a key component of the semistrong hypothesis: that prices adjust quickly. Personally I neither agree nor disagree that prices adjust quickly. I think the wikipedia version is what most people in finance and economics understand as the weak efficient market hypothesis. However if you want to redefine these terms so only the semistrong hypothesis includes all publicly available information, then fine. I would agree with that part of the semistrong hypothesis.
Now on to your specific question. A few stinkers here and there aside, The Dummies Books are incredibly well written and an excellent introduction to most topics. The ones by Eric Tyson on investing and finance are definitely among the best, and I highly recommend them to you if your goal is to increase your wealth and income.
But if you really don’t like the Dummies books, many other references are available. I consulted some folks who spend way more time and energy thinking about this than I do, and here are some sources they recommend:
Bogle’s Common Sense on Mutual Funds is “page after page of raw data from Vanguard Research and others. It’s an onslaught of irrefutable evidence of the superiority of low-cost index funds”
These answer all your questions and more. I’m not going to write my own 700 page tome rehashing what’s readily available elsewhere. You can dispute or ignore the evidence if you like, but you’ll just be setting yourself up to be money pumped by hucksters in fancy suits who are ready, willing, and able to take your money.
Your wikipedia quote is badly out of context. The article as a whole does not agree with you. A better summary of wikipedia’s definition is given right at the start of the article:
Your investopedia quote is less out of context, but you still omit a key component of the semistrong hypothesis: that prices adjust quickly. Personally I neither agree nor disagree that prices adjust quickly. I think the wikipedia version is what most people in finance and economics understand as the weak efficient market hypothesis. However if you want to redefine these terms so only the semistrong hypothesis includes all publicly available information, then fine. I would agree with that part of the semistrong hypothesis.
Now on to your specific question. A few stinkers here and there aside, The Dummies Books are incredibly well written and an excellent introduction to most topics. The ones by Eric Tyson on investing and finance are definitely among the best, and I highly recommend them to you if your goal is to increase your wealth and income.
But if you really don’t like the Dummies books, many other references are available. I consulted some folks who spend way more time and energy thinking about this than I do, and here are some sources they recommend:
Rick Ferri’s columns at Forbes, specifically
Mutual Fund Managers Fall Short Again
Index Fund Portfolios Reign Superior
5 Lies About Index Funds
Bogle’s Common Sense on Mutual Funds is “page after page of raw data from Vanguard Research and others. It’s an onslaught of irrefutable evidence of the superiority of low-cost index funds”
The Coffeehouse Investor
The Elements of Investing
Passive Investing: The Evidence the Fund Management Industry Would Prefer You Not to See
These answer all your questions and more. I’m not going to write my own 700 page tome rehashing what’s readily available elsewhere. You can dispute or ignore the evidence if you like, but you’ll just be setting yourself up to be money pumped by hucksters in fancy suits who are ready, willing, and able to take your money.
This is pointless. We are speaking at different levels right past each other.