A couple of other considerations regard the box in which this theory plays nice.
-- Behavioural assumptions of market participants
-- Preference Neutality with respect Volatility levels
-- Non-existence of externatlities from market microstrucure
These are avenues to be exploited, and the exploitations work better the more EMH is disseminated without "hypothesis" being spelled out. These are orthogonal directions of attack, but more dangerous and more powerful than many understand.
-- Behavioural assumptions of market participants
-- Preference Neutality with respect Volatility levels
-- Non-existence of externatlities from market microstrucure
These are avenues to be exploited, and the exploitations work better the more EMH is disseminated without "hypothesis" being spelled out. These are orthogonal directions of attack, but more dangerous and more powerful than many understand.