This doesn't run afoul of my understanding of the EMH. I would expect an equilibrium for the stock market to be when the amount of trading by well informed indi

This doesn't run afoul of my understanding of the EMH. I would expect an equilibrium for the stock market to be when the amount of trading by well informed individuals is such that the marginal cost of another hour of research is equal to the marginal benefit of another hour of research. Not: when the marginal benefit of another hour of research is zero.