Yeah, I feel like people have this idea that the EMH is 'economists think markets are perfectly efficient' when really it's 'under these idealised conditions a market should approach perfect efficiency' and any real market is obviously not going to be perfectly efficient, but ones that get closer to those conditions should be more efficient.

(And looking at how traders work, it's all about finding a strategy that no-one else has found and executing on it. Once two competitors with similar resources know the strategy, it ceases to be particularly profitable, which to me seems to be pretty in line with the EMH)