I'm not someone who's spent much time thinking about the EMH, so maybe I'm being naive here, but my econ-101 brain tells me that the market price is such that, on average, the expected gain from collecting more information about the market is exactly equal to the marginal market participant's opportunity cost of collecting more information

So it's not necessarily that all information is incorporated into the price, but all the low-hanging fruit is and that you'll have to work hard to get an advantage (on a risk adjusted basis of course)