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This is indeed an age old debate.

Instead of merely citing theories or opinions, I thought: why not just look at the data? After all, evidence don't lie. :)

Fortunately (or unfortunately?), economists thought the same way...
http://practicaleconomics.blogspot.com/2007/09/are-stock-prices-unpredictable.html (http://practicaleconomics.blogspot.com/2007/09/are-stock-prices-unpredictable.html)