Regarding trading: Speculation is 20% of the traders making money off of the other 80%. If you can't spot the sucker at the table...
I like that line a lot. Think I'm going to nick it, for use in future discussion. It can even be seen as a succinct way to capture why some people believe in the EMH even though technically the EMH is unlikely to be true, universally - it's probably true for the
majority, so it makes sense for them to stick with the claim.