What do you think about the Efficient Market Hypothesis?

I quote Warren Buffet “I’d be a bum on the street with a tin cup if the markets were always efficient”

Any sensible investor knows this to be true. Efficient market hypothesis is for broke ass academics driving busted ass fords to their wage slave cubicles.

Why? Our DNA is hunter-gatherer DNA, and when we become greedy or fearful it triggers a whole bunch of reality distorting stuff in the brain. Cutting a losing trade feels so stressful that you could literally die from it. Holding a big winner makes you so euphoric that you forget the danger that your paper profits can be taken away just as easily.

Even the smartest of people are not immune. Isaac Newton lost all his money in the South Sea bubble.