Strong form doesn’t mean that the prices are “always right” the idea of strong form EMH is that the prices also already incorporate private information (meaning you can’t get alpha even if you had insider information) compared to Semi-strong that claims that the markets don’t account for private information.
The definition of EMH (from wikipedia) is:
The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to “beat the market” consistently on a risk-adjusted basis since market prices should only react to new information.
There was no straw man, I have specifically reflected on this definition.
Strong form doesn’t mean that the prices are “always right” the idea of strong form EMH is that the prices also already incorporate private information (meaning you can’t get alpha even if you had insider information) compared to Semi-strong that claims that the markets don’t account for private information.
The definition of EMH (from wikipedia) is:
The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to “beat the market” consistently on a risk-adjusted basis since market prices should only react to new information.
There was no straw man, I have specifically reflected on this definition.