I can find plenty of discussion on whether the EMH is correct or not.
And if it's not correct, the degree to which markets are inefficient.
But my question - suppose that the EMH is correct. And suppose that everyone traded every day. Would the Market be efficient only if you looked at a time span of 1 day?
And if everyone held shares for 10 years, would the Market only appear to be efficient if you looked over a 10 year period?
So if the EMH holds for the Australian Market, would it hold best for some sort of average time period that reflects the average investing time frame?