> Some investors clearly have made returns over the last fifty years at substantially above the market rate. That doesn't disprove the EMH as seemingly consist

> Some investors clearly have made returns over the last fifty years at substantially above the market rate. That doesn't disprove the EMH as seemingly consistent winners and losers are consequences of any random system. Note that the EMH just says that the market price reflects all public information. It doesn't say that the market price is the correct value wrt every individual. For example, I may be spending down, perhaps because I have a terminal disease while you're saving for a new car. Those situations mean that the "value" that I'll get from certain purchases is very different from the value that you get for the exact same purchases.