Professor Lo offers a theory of markets that depends on neither rationality nor behavioral "biases" but, instead, proposes more of an "ecological" mechanism. Do you find this alternative perspective compelling? Why or why not?

References:

https://www.researchgate.net/publication/228259155_Reconciling_Efficient_Markets_with_Behavioral_Finance_The_Adaptive_Markets_Hypothesis

https://www.financialplanningassociation.org/article/journal/MAR16-march-2016-10-questions