Thaler held the no-free-lunch component of the EMH survived the crisis untouched.

Evidence

I always stress that there are two components to the theory. One, the market price is always right. Two, there is no free lunch: you can’t beat the market without taking on more risk. The no-free-lunch component is still sturdy, and it was in no way shaken by recent events: in fact, it may have been strengthened” (“Rational Irrationality”). — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 2212

Categorization

• XREF: Directly relevant to how the EMH survived 2008 — the ‘two components’ defensive move is a key mechanism of orthodox resilience.