On Polymarket and the 'Efficient Market Hypothesis' for Event Trading

Been thinking a lot about Polymarket's utility, especially with how quickly odds seem to bake in new information. It feels like we're constantly debating whether the market is truly 'efficient' in these niche event spaces. You see something like a major political event or even an $EWZ movement on a news headline, and the odds shift within minutes, often settling before any real edge can be established from a fundamental read. It's almost as if the collective wisdom is too fast, making it hard for individual analysis to consistently beat the market.

I wonder if this speed really means the market is efficient, or if it just means information asymmetry is shrinking so fast that only the very earliest actors, or those with unique data feeds, can capitalize. For the rest of us, it often feels like we're just reacting to the market's reaction, rather than predicting it. What are your thoughts? Is there still edge to be found through deep fundamental analysis on Polymarket, or is it becoming an arbitrage game for those with better tech?