"That assertion is wrong. The city was in the process of negotiating a new contract with the fire department at the time the budget was being crafted, so additional funding for the department was set aside in a separate fund until that deal was finalized in November. In fact, the city’s fire budget increased more than $50 million year-over-year compared to the last budget cycle, according to Blumenfield’s office, although overall concerns about the department’s staffing level have persisted for a number of years."
As I said in a sibling comment, the interesting version of EMH is "all publicly available information is already incorporated in the price".
People who believe it to be false, also believe that "if I analyse all information about some stocks I might find some which are priced less than their intrinsic value, wait for everyone else to come to the same conclusion, and once the price has appreciated to intrinsic value, I can sell it"
People who believe it to be true believe that the above is futile, because whatever price you see is already the intrinsic value so every time you try and buy at discount youre actually unknowingly buying at intrinsic value, and so you make no profit on each buy.
