All known information (whether it is correct or not) is reflected in the price of a security. Eventually, yes. But not intermediate to short term. EMT removes

All known information (whether it is correct or not) is reflected in the price of a security. Eventually, yes. But not intermediate to short term. EMT removes subjectivity of information. People perceive (or fail to) certain data differently than others. The market is a collection of that perception combined with uncertainty. To ignore that fact is not practical over the short term. Evidence: see the premarket futures today.