But isn't it the characteristic of efficient markets when prices approach real value and the characteristic of a bubble if you can realize huge arbitrage gains

But isn't it the characteristic of efficient markets when prices approach real value and the characteristic of a bubble if you can realize huge arbitrage gains by investing a bit in your education to get a top job? So the bubble the author is bemoaning is already gone and he is just longigng for it to reappear because he used to belong to the winners. But then I am from the old world where education is a basic right and never understood why people would frame it as a purely economic question...