Hi sir
In review class, you said that only Warren Buffett kind of analyst can earn in semi strong form efficiency pf market by doin tremendous research.
But won’t that research be considered as a data mining bias?
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Data mining bias refers to finding trends/patterns/anomaly by taking a particular set of data where that trend/pattern/anomaly can be seen and people could have earned from it.
The statement you mentioned basically means that only if someone has extraordinary vision and fundamental analysis skills, only that person can earn an abnormal return otherwise, people cannot earn from fundamental analysis in semi strong form of market efficiency.
Hope this helps!