It's so weird how "efficient market hypothesis" is always stated in a way to imply that it's factual, when it's closer to an outright fallacy. I'd say that mark

It's so weird how "efficient market hypothesis" is always stated in a way to imply that it's factual, when it's closer to an outright fallacy. I'd say that markets being fully efficient would at least imply P equaling NP. Essentially if markets were efficient, then markets themselves wouldn't be needed because central planning could actually work. In reality there are local optima and other sticky structures due to the discrete nature of the world. In fact being able to find/make such things is one main teachings of business thinking with things like "build a moat" and whatnot. But this is all conveniently forgotten when whitewashing market behavior as intrinsically objective and responsive, rather than the fickle thing it is.