Efficient market hypothesis discussions are pointless imo, because it's obviously untrue, and obviously approximately true. It's trivial to create cases for both but there's not a credible test to how good the approximation is, what are it's failure modes and critical points, where the inefficiencies are amplified, and so on.
In the end it's just an assumption in economic papers so they can be correct in some sense.
> Efficient market hypothesis discussions are pointless imo, because it's obviously untrue ...
So cash in. Since you think the EMH is "obviously untrue", you can drain the market of its capital based on your proven theory and your inside track on the truth.
In fact, plenty of evidence suggests that the EMH is true, but that the present equities market can't reliably demonstrate this fact because of widespread cheating.
I should add that, because of the nature of equities trading and markets in general, it's very doubtful that anyone will ever prove this issue one way or another in a scientific sense.
Side remark: Please don't use equality and inequality like that. How can a noun and an adjective possibly be equal? They aren't even the same word class. Just use english "is" and "is not" to connect your nouns and adjectives。
In the end it's just an assumption in economic papers so they can be correct in some sense.