You are watching national news broadcast. It is reported that a typhoon i~ heading for the Washington coast and that it will likely destroy much of this year', apple crop. Your roommate says, "If there are going to be fewer apples available, I'll bet that apple prices will rise. We should buy enormous quantities of apples now and put them in storage. Later we will sell them and make a killing."
Can you "beat the market" with public information? That is, can you use publicly available information to help you buy something cheap and quickly sell it at a higher price? Why or why not?