under the efficient market hypothesis, ..
"First, any test of efficiency must assume an equilibrium model that defines normal security returns. If efficiency is rejected, this could be because the market is truly inefficient or because an incorrect equilibrium model has been assumed. This joint hypothesis problem means that market efficiency as such can never be rejected."
Campbell, Lo and MacKinlay (1997), page 24
The Efficient Markets Hypothesis - ThoughtCo
The hypothesis further predicts that an astronomically short time later these civilizations would reorganize their solar system's planetary matter to achieve vastly greater STEM density, efficiency, and computational capability, a transition we may call a developmental singularity (Smart 2008).
For about ten years after publication of Fama's classic exposition in 1970, the Efficient Markets Hypothesis dominated the academic and business scene. A steady stream of studies and articles, both theoretical and empirical in approach, almost unanimously tended to back up the findings of EMH. As Jensen (1978) wrote: ‘There is no other proposition in economics which has more solid empirical evidence supporting it than the EMH.’