"It Takes a theory to beat a theory, and the Adaptive Market Hypothesis is the new contender. But these are still early days for the challenger - the incumbent has had a five-decade head start - and a great deal more research is needed before these ideas become as immediately useful as the existing models of quantitative finance. Also, science itself is an evolutionary process. Between theory, data, and experiment, the Adaptive Market Hypothesis will survive, be replaced with an even more compelling theory in the future, or fall short and be forgotten. But even at this early stage, it's clear that this hypothesis can gracefully resolve many of the contradictions between the Efficient Markets Hypothesis and its exceptions."
LO, Andrew W., ADAPTIVE MARKETS, Financial Evolution at the Speed of Thought