I think it's reasonable to believe in efficient markets, but also understand that pricing in markets is a) made up of imperfect information, and b) subject to outside influences like emotion, propaganda, etc.

Those are inconsistent beliefs, if we're talking about Eugene Fama's hypothesis.

Just like the rest of economics, the efficient market hypothesis is a nice model without any basis in reality. The fact that speculative bubbles exist should be enouh to disprove it.

I guess that's the big question. Market behavior certainly can look like there are speculative bubbles, but Fama hypothesizes a different interpretation of the evidence.

I'm not a believer, but there is some value in the thought.

If you believe the efficient market hypothesis can actually apply to an existing stock market, I would like to offer you an incredible price to buy the Eiffel Tower! Hurry up! This offer is only valid for a few hours! People are lining up to get this offer