Emh is almost tautologically ridiculous. Markets efficiently price the sums of everyones actions based on their opinions regarding the underlying facts. It does

Emh is almost tautologically ridiculous. Markets efficiently price the sums of everyones actions based on their opinions regarding the underlying facts. It doesn't price in some objective thing called "information". If one person takes one bet based on a piece of information and another person makes the opposite bet off of a differ wnt interpretation on the same piece of information then neither of their strongly held opinions altered the market price. If skewed numbers of people take those bets based on which side of the bed they woke up on then the market skews to that side. There isnt some conceptually perfect piece of "information" that is being priced here. Not everyone has the same information, and not everyone interprets the information the same way. All the market prices is the average of these subjective opinions, and sure it does that efficiently, but that does not mean that that price represents some perfect unbeatable truth. My bank account would also like to disagree with EMH