> I certainly don't believe I can beat the market I was with you until this step. That markets are not close to efficient (in the sense of EMH) seems right to

> I certainly don't believe I can beat the market I was with you until this step. That markets are not close to efficient (in the sense of EMH) seems right to me. BUT it does not follow that because of that anyone should be able to beat the market. There is a huge gap between EMH being far from reality (or simply not close) - and that gap being exploitable. (Or more generally, non-EMH doesn't say much as to whether or how things should be exploitable.) For one thing we humans are humans, report to humans, get our news from humans, share this market with humans, etc, and the ones of us who pay attention know how hard it is to account for that.