If memory serves me right the EMH allows for deviations from its pure form in the short-term where information is not immediately widely disseminated such in the three perversities listed by Mr. Woolley or even information asymmetry in countries like India that Mr. Modi mentions above or in the extreme short-term (nanosecond) arbitrage using computers. Perhaps what Mr. Woolley is getting at is what the arbitrage folks have been actively trading on for some time - that is there are opportunities to be taken advantage of in the short-term, not that the EMH is flawed in itself.