Write 14 pages thesis on the topic the module called (investment) topic: investment and portfolio management. The deviation may lead to the management of the fund with in depth analysis regarding the price movements of the stocks or bonds, which are managed under fund (Swensen, 2009). There has been a long debate on the structuring and management of the fund. The fund can be either actively managed or passively managed. Some researchers argue that the active management is more suitable for the high risk investors. On the other hand, some argue that passive management is considered to be sustainable and reasonable investment. The base of such arguments moves around the concept and belief about the market efficiencies. The market efficiency is referred to as the concept that describes that if market prices of the securities move according to the publication of relevant information in the market (Damodaran, 2012). The time frame, which takes to reflect the information in the prices of the security defines the efficiency of the market. If the time frame is large then the market may be considered as inefficient market and it gives the opportunity to generate excessive returns as compared to that of the market. On the other hand, if the time frame is short to reflect the new information into the prices of the securities then the market is considered to be highly efficient. Therefore, it does not give any opportunity to active manager to generate excessive return and the passive management is better. Therefore, some people argue that markets are efficient and it is difficult and expensive to create excessive return. On the other hand, others argue that markets have inefficiencies and using the inefficiencies more effectively can generate excessive returns.
The weak form efficient market reflects all the market information. The market considered to be efficient based on the available market information.