On some level this is true, but the insane quantities being siphoned out of the economy through the financial system is wildly disproportionate to the increasingly-infinitesimal gains in “price efficiency”.

As a long-term investor in the market as a whole, whether Apple’s true per-share value today is 175.01 and not 175.07 is almost completely irrelevant. Even less so the difference between 175.008913 and 175.008916.

We have long since passed a point where there is sufficient liquidity and sufficient price discovery for the purpose of buy-and-hold investment, and every extra dollar that goes to financial services in the name of more accurately determining prices is just a transfer of money from people who provide value to the economy to a class of leeches who provide nearly nothing.

A spring only suspension system responds quickly to a bump in the road. If that’s your only metric, it’s good. But a car without a damper is going to be hella uncomfortable. The shock makes it respond slower - it doesn’t mean it doesn’t respond.

Second, even in a magical world where this doesn’t happen, institutional investors have literal teams of analysts working for them. They have bots responding to news reports and public filings, and the lowest latency possible connections to trading platforms.

You have none of this.