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Explaining Efficient Market Hypothesis

What is evidence that does not support an efficient market hypothesis?

200 words, APA citation

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"The efficient market hypothesis (EMH) assumes that profit-seeking investors in the marketplace react quickly to the release of new information. As new information about a stock appears, investors reassess the intrinsic value of the stock and adjust their estimation of its price accordingly. Therefore, at any given time, a stock's price fully reflects all available information and represents the best estimate of the stock's true value.
The efficient market hypothesis, the random walk theory and the rational expectations hypothesis all suggest that stock markets are efficient. This means that at any time, a stock's price is the best available estimate of its true value. Many studies have been conducted to test these theories."(Canadian Securities Institute Global Education Inc. ...

Solution Summary

Explaining the efficient market hypothesis and evidence that does not support it.