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The efficient market hypothesis (EMH) states that securities prices reflect all available information at all times. This means that it is impossible to consistently beat the market by trading on insider information or by using technical analysis. However, the EMH does not mean that markets are perfect. There are still inefficiencies in the market, and investors can sometimes make money by exploiting these inefficiencies.

Dark pools are private trading platforms that allow investors to trade anonymously. This can be helpful for investors who want to avoid market impact, or who want to trade large blocks of shares without affecting the market price. However, dark pools can also be used to manipulate markets and to avoid regulatory scrutiny.

There is no consensus on whether the presence of dark pools enhances or reduces capital market efficiency. Some argue that dark pools can help to improve liquidity and price discovery, while others argue that they can lead to market manipulation and unfair trading practices.

One real-life company that raised capital in 2020 is Airbnb. Airbnb raised $2 billion in a private placement in February 2020. The company used the proceeds of the financing to fund its growth and to weather the COVID-19 pandemic. Airbnb is a good example of a company that used the capital markets to raise money to fund its growth.

Here are some other real-life companies that raised capital in 2020:

• Snowflake: $2.9 billion in a direct listing
• DoorDash: $3.4 billion in a direct listing
• Palantir: $1.5 billion in a direct listing
• Stripe: $600 million in a private placement
• Roblox: $520 million in a private placement

These companies represent a variety of industries, and they all used the capital markets to raise money to fund their growth. This is just a small sample of the many companies that raised capital in 2020.