NISM 21B Portfolio Managers Exam Notes

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  • Strong-Form Efficiency: Reflects public, private information.
  • Random Walk Theory: Price changes are random.
  • Market Anomalies: Deviations from EMH, e.g., January effect.
  • January Effect: Small-cap stocks rise in January.
  • Momentum Anomaly: Past gainers continue to rise.

NISM 21B Portfolio Managers

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