The Efficient Market Hypothesis asserts that assets are valued at fair value reflecting all available information.Equity as very good barometer of value despite the rise in Intangible Assets.Financlal analysis is conducted for a variety of reasons but always performed to support a decision.CAPM describes the relationship between the excess retum of a stock and the excess retum of the market relative to the 'risk$-$free rate'.An expensive investment is priced near it's fair value.Because it is impossible to forecast market inefficiences, there is little reason for investors to employ quantitative valuation techniques.