Morningstar | Analyzing the Rally

Morningstar had an interesting article today analyzing the rally since 10/3.  I pulled the following chart from the article.

Eugene Fama on efficient markets and the financial crisis

The video below is Eugene Fama discussing what efficient market theory says, capitalism and the financial crisis.  The main difference I believe is that prices are a reflection of the weighted average belief of current market participants not necessarily that they accurately reflect all available information.