This is a misunderstanding of the EMH. “Efficient” does not mean “rational” or “always right”. It simply means that, at any time, the difference between actual

This is a misunderstanding of the EMH. “Efficient” does not mean “rational” or “always right”. It simply means that, at any time, the difference between actual prices and “rational” prices is random. It’s important to understand that efficiency is something that markets approximate. The EMH may be more “true” for you than for someone with a dedicated fiber line between the NYSE and the CME. Here’s Burton Malkiel in more depth about what the EMH actually means: https://www.forbes.com/sites/quora/2014/06/13/what-does-the-efficient-market-hypothesis-have-to-say-about-asset-bubbles/#12b71e577c4b https://www.forbes.com/sites/quora/2014/06/13/what-does-the-...