看了两遍一直觉得很混乱。。。

Tests for weak-form & semistrong-form EMH 大多阐述投资者如何如何cannot earn abnormal returns, like trading rule tests, return prediction studies；而strong-form EMH tests 说各种角色是如何获得above-average profit的。。。怎么感觉是和三种有效市场定义相反的？我对三种形式的理解一直不好，怎么把这些test和三种市场联系起来？或者大家有没有这块的材料推荐啊。。。

weak form EMH: no trend patterns/study pass has nothing value for the future --> technical analysis meaningless

semi-strong form EMH: stock act only to news --> fundamental analysis meaningless

strong form EMH: abnormal return impossible --> alpha strictly equals to zero/active fund management meaningless

pretty much all I know about, you may have already got what i say here. anyway, hope it can help