This is I think a bogus debunking of a bogus theory.

Try 'Debunking Economics' by Steve Keen for a good breakdown of real problems with many economic theories including EMH. Mostly by showing the logical fallacies in assumptions but also the naive maths and divergence from empirical reality.

http://www.amazon.com/Debunking-Economics-Expanded-Dethroned...

His blog is http://www.debtdeflation.com/blogs/