From Malkiel (2003):

I suspect that the end result will not be an abandonment of the belief of many in the profession that the stock market is remarkably efficient in its utilization of information. Periods such as 1999 where ‘bubbles’ seem to have existed, at least in certain sectors of the market, are fortunately the exception rather than the rule. Moreover, whatever patterns or irrationalities in the pricing of individual stocks that have been discovered in a search of historical experience, are unlikely to persist and will not provide investors with a method to obtain extraordinary returns. If any $100 bills are lying around the stock exchanges of the world, they will not be there for long.

(Malkiel, B.G. (2003) The Efficient Markets Hypothesis and Its Critics. CEPS Working Paper no 91).

To what extent would you agree with this assessment of the value of the EMH?