I think the valuations of dogecoin and fartcoin don't fit well with the efficient market hypothesis. They both have no assets and no profits but fartcoin is valued at $668 million and dogecoin at $39 billion. Surely in a rational market fartcoin should be valued at more as it has a funnier name?

Slightly more seriously his assertion:

>Alternatively stated, the Efficient Market Hypothesis is true if [...] a sufficiently large majority of investors believes it to be false.

is flawed. They could believe it false but still make a mess of the valuations. Which can cause real world problems if profesional investors put your pension money into webvan or other bubble stocks and then there is a cash shortage after the dot com bubble burst. Of course they are wiser now and won't make such errors with AI.