By Frank Shostak
The Perfect Market Hypothesis claims that all movements in the market can be considered as random, as market players and prices adjust immediately to new information. However, market players do seek new information and seek to use it.
I'm not someone who's spent much time thinking about the EMH, so maybe I'm being naive here, but my econ-101 brain tells me that the market price is such that, on average, the expected gain from collecting more information about the market is exactly equal to the marginal market participant's opportunity cost of collecting more information
So it's not necessarily that all information is incorporated into the price, but all the low-hanging fruit is and that you'll have to work hard to get an advantage (on a risk adjusted basis of course)
Rational ignorance is one of the more overlooked concepts, perhaps for a self-explanatory reason.
Like voting
Exactly. You're vote will make no difference, so there's no reason to invest in being informed about it.
I invest in being informed so I can look smart in front of my peers.
De gustibus non est disputandum.
I learned something new today, thank you
That's an essential for your set of dismissive econ sayings.