Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger · chapter 2 · id poor-charlies-almanack-c2-08-munger-argues-the-efficient-ma

“Munger argues the Efficient Market Hypothesis is approximately right for most participants but pockets of inefficiency exist that skilled investors can exploit.”

holdsconfidence: high✓ ZHP-verified + red-teamed

Receipts

Malkiel, 'The EMH and Its Critics,' Journal of Economic Perspectives (2003)FLAGGED: DOI not in registry

While I believe the stock market is far more efficient than many recent academic papers suggest, I am not an 'efficient market' extremist.

McLean & Pontiff, 'Does Academic Research Destroy Stock Return Predictability?' Journal of Finance (2016)DOI registry: valid

Post-publication, the average anomaly's long-short return declines by 32%.

This claim is a stable, citable object. If you can falsify a verdict, tell us — corrections are loud here.