I wonder if the commendable work of Andrew Lo is not known here. It is well advanced over the repulsive religious discussion about opinions and beliefs, prevailing in finance. His Adaptive Market Hypothesis consistently unifies the Efficient Market Hypothesis and Behavioural Economics, using biological theory of Evolution. I consider this to be the leading capital market hypothesis, well formulated by Lo for practical application.

This hypothesis describes very realistically how markets evolve between normal phases of market forces in static equilibrium and anomalous phases of boom and bust without this equilibrium, respectively. Likewise financial models, strategies and products naturally evolve over time like biological species. Only much faster at the "speed of thought", as Lo says. This speed is probably too fast for most of us, thus causing these religious battles.

As a helpful practical example for asset management he advises:
"Traditional Investment framework is flawed. Not wrong, but incomplete."
"The notion of passive investing is changing due to technological advances, and risk management should be higher priority, even for passive index funds."

These religious battles, which also prevail in psychology, are the result of over-specialization for far too long. Obviously the wrong one-legged man's approach nowadays in our increasingly VUCA world of volatility, uncertainty, complexity, and ambiguity, not only in finance as well! Paul Samuelson, who still analyzed market behaviour holistically from a static and dynamic points of view, thus already had the insight decades ago that "the Efficient Markets Hypothesis works much better for individual stocks than it does for the aggregate stock market".

Besides Andrew Lo, Nassim Taleb provides a wealth of anti-fragile solution approaches to benefit from VUCA. The more the better. This can be found in "Antifragile: things that gain from disorder." Together with Andrew Lo's masterpiece "Adaptive markets: financial evolution at the speed of thought", both should soon be the basis for financial education.