What developed stock markets like to be?

Semi-Strong is closest to reality. Some explanations:

1. Management teams are in the best position to accurately estimate their future cash flows
2. A great management team exploits this advantage to the benefit of its investors
3. A great management team ensures a strong competency around forecasting cash flows accurately and objectively
4. taking this a step further, a great management team uses their unique insights into future cash flows to (a) make better decisions and (b) objectively estimate Intrinsic Value
5. If a private company, management’s responsibility is to share these insights with their investors so as to allow the investors to make better investment decisions
6. If a public company, management’s responsibility is similar–though in practice they must live within the practical realities of being a public company