He doesn't really hide much, does he?
But the [efficient markets] theory is commonly thought, at least by enthusiasts, to imply much more. Notably, it has been argued that regular movements in the markets reflect a wisdom that transcends the best understanding of even the top professionals, and that it is hopeless for an ordinary mortal, even with a lifetime of work and preparation, to question pricing. Market prices are esteemed as if they were oracles.
This view grew to dominate much professional thinking in economics, and its implications are dangerous.[...]
Professor Fama avoids theories that describe these risk premia as even possibly reflecting irrational behavior, and I think he’s wrong about that. [...]
I would not ... recommend that monetary or fiscal authorities seek inspiration from his theories on how to stabilize the economy. He doubts the existence of any bubble before this crisis, and his philosophy would have let banks fail at the beginning of it.