After The Frat

"the efficient-market hypothesis requires that agents have rational expectations; that on average the population is correct (even if no one person is) and whenever new relevant information appears, the agents update their expectations appropriately. Thus, any one person can be wrong about the market — indeed, everyone can be — but the market as a whole is always right."

people have won nobel prizes for providing these types of "breakthroughs". how is that different from other forms of cult worship?