What are the different forms of market efficiency? Explain.

Market efficiency is a fundamental concept in Security Analysis and Portfolio Management, referring to how well market prices reflect available information. The Efficient Market Hypothesis (EMH), proposed by Eugene Fama, categorizes market efficiency into three forms: weak form, semi-strong form, and strong form. These forms differ based on the level of information incorporated into asset prices.  

### 1. Weak Form Efficiency  
Weak form efficiency suggests that stock prices already reflect all past market data, including historical prices, trading volume, and past returns. This implies that technical analysis, which involves studying past price trends and chart patterns, cannot provide consistent excess returns. Investors _____ __________ ____ ______ ___ _______ ______ _____ ________.
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