538 has probably the best caveat regarding the efficient market hypothesis in a discussion about the NFL draft:
The efficient-market hypothesis states that — with certain caveats — markets are informationally efficient. Since any one investor theoretically operates with the same set of information as any other,2 the EMH claims that no individual can consistently achieve risk-adjusted returns in excess of the market-wide average. This conclusion, most notably proposed by University of Chicago professor Eugene Fama in the 1960s, isn’t perfect (it can’t explain speculative bubbles, for instance), but it’s a testament to the power of an ideal market. [emphasis is mine]
Other than saying that the biggest two fianncial stories (dotcom and housing bubbles) of the past fifteen years can’t happen, this is a solid predictive hypothesis
Not quite a “how was the play Mrs. Lincoln” but still a damn impressive caveat.