Sure, that's all correct. But before showing it is dead it would be useful to have empirical evidence that it was ever alive. And the evidence is very mixed at

Sure, that's all correct. But before showing it is dead it would be useful to have empirical evidence that it was ever alive. And the evidence is very mixed at best. The history of the EMH is a battle between those showing where it breaks from reality, followed by increasingly desperate attempts to save it with some additional explanatory factors. It's a nice model. But like most economic and financial models shouldn't be held as gospel.