When I started blogging I would occasionally defend the EMH. A number of anti-EMH arguments were offered in response. One by one they’ve all fallen by the wayside. People who predicted the 2008 crash have done poorly since. Hedge funds were held up as a way of earning excess returns—and they’ve done poorly in recent years. I was told Australian house prices would crash any day now, and am still waiting. Bitcoin was a “bubble” when the price hit $30—what’s the price today?