> The EMH is a framework. With any scrutiny it's obvious that it can at most be first order accurate since obtaining and processing information is costly. This is not a particularly new insight or one that would be a surprise to any proponent of the EMH.

Great clarification. I'm always suspicious of interpretations of EMH that are a lot more literal than they should be, drawing effectively false conclusions from double negations. I think the truth is as you said.