PLEASE ANSWER BOTH PARTS I'LL GIVE THUMBS UP

a.. Explain the implications of the Efficient Market Hypothesis (EMH) for fundamental analysis. (3 marks)

b. Eugene Fama stated in his Nobel Prize lecture: "It was clear from the beginning that the central question is whether asset prices reflect all available information - what I labelled the efficient markets hypothesis (Fama 1965)" (Fama, 2014). Do you agree that "asset prices reflect all available information"? In your answer, justify your answer with evidence for and against the existence of efficient markets. In so doing, detail the relationship between asset prices and 'random walks'.