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fubarobfusco comments on Open Thread, Feb. 2 - Feb 8, 2015 - Less Wrong Discussion
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What's LessWrong's collective mind's opinion on efficient markets hypothesis? From Facebook feed I vaguely recall Eliezer being its supporter, it also appeared in some of the Sequences. On the other hand, there is a post published here called A guide to rational investing, which states that "the EMH is now the noble lie of the economics profession".
I have a well-read layman's understanding of both the hypothesis and various arguments for and agains it and would like to know what this community's opinion is.
False: There are no $20 bills lying on the ground because someone would have picked them up already.
True: If there are a lot of people scanning the ground with high-powered money detectors, you are not going to find enough $20 bills with your naked eye to make a living on.
What is it, even?