I needed to write this. I will now stick my nose in some government data sets and Excel spreadsheets to do some actual research before I lose all my clients.
The practical relevance of this, if any, is that we cannot infer what is actually going on from what is “in the air”, because the air is controlled by lazy and poorly motivated people.
Maybe this is inspirational. It suggests alpha is possible, EMH aside. I guess you knew that.