How is this NOT a US Stock bubble??

[OldShooter]

... Efficient Market Hypothesis does have its merits, but taken to the extreme it looks silly, doesn't it?

I'm not sure anyone would argue that the EMH is always literally true, not even Fama. The way I look at it is the the EMH is a starting point but that prices often include a dollop of behavioral finance spin. Think "Irrational exuberance" or the "Greater Fool" theory. Big dollop currently

Here is link I have posted before, a worthwhile 40 minute video of Fama and Thaler discussing this topic: https://review.chicagobooth.edu/economics/2016/video/are-markets-efficient Nobel prize winners are not always boring. IMO these guys are fun to listen to.

Right at the beginning if you listen carefully you will hear them agreeing that the EMH is a good starting point for investors. The edited transcript misses this.