The efficient markets hypothesis alone isn't falsifiable. You need a model of information and how it interacts with prices: this gives you a so-called joint hyp

The efficient markets hypothesis alone isn't falsifiable. You need a model of information and how it interacts with prices: this gives you a so-called joint hypothesis. The joint hypothesis is merely extremely difficult to falsify. I'm not saying it's not very hard to make money by trading. But be aware that you can't just assume efficient markets and have done with it.