[anm89]

I think you are misunderstanding the concept of EMH. EMH doesn't say markets price some mythical society wide shared understanding of reality which only fails to be correct due to the speed at which it propagates. it simply prices all of the information (orders) into the market according to who is willing to make those orders, and at what volumes, which is generated entirely by individual actors who have assymentric information like the contrarians from 2008 you seem to be implying don't count for some reason. The information of those contrarians was efficiently priced at every point and yet the market was wrong for an extended period of time. there were financial institutions publishing this info as research. it wasn't some big secret. the market didn't price it because people didn't understand the arguments and therefore didn't act on it, just like today.

>This isn't comparable to the information we all have

there's no set of information we all have. plenty of people don't believe covid is real, and that russia is run by reptilian aliens. Markets efficiently value their "knowledge" just as much as anyone else's.

[ramblerman]

> because people didn't understand the arguments and therefore didn't act on it, just like today.

This is the point though. Like what today?

If you have some theory why the Market is mispriced I'm all ears, but saying "plenty of people don't believe covid is real, and that russia is run by reptilian aliens" isn't really an argument.

You are the one making the case that everyone else is wrong, so the burden of proof lies with you.