What the EMH Does Not Say EMH does not imply perfect forecasts. EMH does not imply analysts are not needed Fundamental and technical EMH does not rule out wild swings in prices. 1919 What the EMH Does Not Say What the EMH Does Not Say ƒ EMH does not imply perfect forecasts. ƒ EMH does not imply analysts are not needed – Fundamental and technical ƒ EMH does not rule out wild swings in prices