I'm surprised by how consistently misinterpreted the EMH is, even by people with the widest possible perspective on markets and economics. The EMH practically requires that some people make money by trading, because that's the mechanism which causes the market to become efficient. The EMH should really be understood to mean that as more and more money is leached out of the market by speculators, prices become better and better approximations to real net present values.
I've always thought of the Efficient Market Hypothesis as the anti-Tinkerbell: if everybody all starts clapping and believing in it, it dies.
See, for example, every bubble ever. "We don't need to worry about buying that thing for more than it seems to be worth, because prices are going up so we can always resell it for even more than that later!"
Here's the new thread for posting quotes, with the usual rules: