David Harding on EMT: Trend Following 5th edition

From my newest:

David Harding goes further, explaining EMT madness in an every-man way: “This theory of rational markets treats economics like a physical science—like Newtonian physics—when in fact it is a human or social science. Human beings are prone to unpredictable behavior, to over-reaction or slumbering inaction, to mania and panic. The markets that reflect this behavior do not assume some supra-human wisdom, they can and sometimes do reflect that volatility.”

Further translation: Human nature isn’t rational. It blows bubbles and then pops bubbles.