This is very odd – instead of talking about how the last year has destroyed the efficient markets hypothesis and its friend modern portfolio theory, here’s someone pointing out that they couldn’t have been disproved because Nobody Believed In Them anyway.
It’s not the first time someone has pointed this out, but it is a nice succinct summary. This disposes very usefully of a strawman that has been brilliantly used by both sides to divert attention from the real problem, which is that markets have always been and always will be inefficient and clever greedy people like to capture the economic rent from this fact.
