> "Suppose you have knowledge (e.g., the next iPhone causes cancer) that the market has not incorporated." The EMH is based on the assumption that prices perfe

> "Suppose you have knowledge (e.g., the next iPhone causes cancer) that the market has not incorporated." The EMH is based on the assumption that prices perfectly reflect the available information on the underlying. This is mentioned in the second paragraph of the Wikipedia article you quoted. You can't invoke the EMH as a model of the market and then violate one of its core assumptions when defending it.