Seems to me there's an obvious flaw in the efficient market hypothesis. It states that, essentially, you can find no sustainable edge because the market rapidly reacts to information. Meaning, if there is some information relevant to expected investment performance, investors will immediately act on it, extinguishing the information advantage.
But what if the opportunity is some kind of abstract pattern that doesn't make any sense to humans? You can hardly say that people would efficiently react to patterns that are entirely uninterpretable to them. So it leaves the door open for these sort of statistical artifacts - abstract side-effects or unintuitive properties of the overall system - to provide a sustainable source of alpha.
But what if the opportunity is some kind of abstract pattern that doesn't make any sense to humans? You can hardly say that people would efficiently react to patterns that are entirely uninterpretable to them. So it leaves the door open for these sort of statistical artifacts - abstract side-effects or unintuitive properties of the overall system - to provide a sustainable source of alpha.