The EMH does allow that when faced with new information, some investors may overreact and some may underreact, but what is required, however, is that investors' reactions follow a normal distribution—so that the net effect on market prices cannot be reliably exploited to make an abnormal profit. In the competitive limit, then, market prices will reflect all available information and prices can only move in response to news;[2] and this, of course, could be "good" or "bad", major or minor: the random walk hypothesis. Thus, if prices of financial assets are (broadly) efficient, then deviations from these (equilibrium) values could not last for long.