That is close to my view. From the perspective of someone considering playing the market the EMH is a pretty good model. However as an overall macro model of t

That is close to my view. From the perspective of someone considering playing the market the EMH is a pretty good model. However as an overall macro model of the market it is fairly poor and certainly not something that should be treated as true to then develop further theories on top of. For example I do not believe that markets will always produce the best results and price goods correctly but I am generally sceptical of people claiming to be able to beat the market (such people probably exist but it is hard to distinguish them from the lucky).