The EMT assumes rational investors. We know that assumption is false because of recent advances in
Behavioral Finance. We also know that technical traders that trade mechanical systems successfully for decades invalidate the EMT by working from non-random repeating patterns of price, volume and time.
Most of the terms in this emerging social science refer to forms of denial, delusion and self-deception. This is all the stuff Dr. Al discusses in his writings-- actual delusion and denial in their many forms.
The primary culprit in most dumb decisions about money is
Inattentional Blindness