BMY/MRK/AZN take the opposite side of the argument and say that either the distinction doesn’t matter or the relevance of the distinction has not been established.
This distinction dates back at least a couple of years; I first heard about it on a MRK CC in 2015, IIRC.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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