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johnnienakedyesterday at 7:00 PM0 repliesview on HN

If the market is efficient then there is no risk adjusted alpha, which renders the search for it a waste of time and effort, which means no actor would rationally continue it, which means there is no mechanism for price discovery, which would render the market totally inefficient.

This is the paradox.

EMH is unfalsifiable at best and tautological at worst.