Market Efficiency Short vs. Long Term

Do you think that markets are more efficient in the short term or in the long term? I haven't been following markets for long, but from what I've observed markets generally price individual stocks based on earnings releases and other company news and macroeconomic events also determine some of the movements in the indices. Do you have an advantage if you have a longer time horizon as a trader/investor? And how efficient do you think are markets overall and which asset classes are priced most efficiently?

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