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nearbuyyesterday at 7:57 AM0 repliesview on HN

The smartest, fastest investors are the ones who make a profit by incorporating their information into the stock price in the EMH. The stock price can't move on its own. Under the EMH, someone has to be the first to trade stock based on information so that the stock price reflects it. When they say "the market rapidly responds to new information", that means investors with the new information are buying or selling accordingly. It's not opposite at all.

How the information gets produced is irrelevant to the EMH. Whether it's obvious or takes hard thinking, either way, once investors obtain the information, they will trade based on it, and that will move the stock price.