If you take a straw poll of general investors(not fund managers, i mean those with a day-job), I think 9/10 would state that they do not believe in the efficient market theory.
However, those same investors would claim the market is right(or at least imply it like Dew did) when the price moves in their favour. Its only when it moves in the opposite direction that the mantra of non-efficient markets comes out.
I dont think irony would be the right word for this phenomenon, cause the stated belief is not all that deep-rooted.
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