Your point about any existing stock market exploits quickly degrading into noise has some truth to it, information such as news and events and financial documents is indeed the most important fundamental aspect of trade. But I'd like to point out that EMH proponents are known for comparing stock trading with casino gambling and claiming that technical analysis is useless. I'm not sure if you endorse these statements or not, and I don't want to knock down a strawman in case you don't, but I think that EMH overestimates the rationality of market participants and treats them as homogeneous automatons that always arrive to the same conclusions.
Even if information the participants have... (read more)
Your point about any existing stock market exploits quickly degrading into noise has some truth to it, information such as news and events and financial documents is indeed the most important fundamental aspect of trade. But I'd like to point out that EMH proponents are known for comparing stock trading with casino gambling and claiming that technical analysis is useless. I'm not sure if you endorse these statements or not, and I don't want to knock down a strawman in case you don't, but I think that EMH overestimates the rationality of market participants and treats them as homogeneous automatons that always arrive to the same conclusions.
Even if information the participants have... (read more)