{"id":4920,"date":"2022-10-07T23:56:00","date_gmt":"2022-10-07T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=4920"},"modified":"2025-02-10T23:05:40","modified_gmt":"2025-02-10T15:05:40","slug":"efficient-market","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/","title":{"rendered":"Why is the efficient market hypothesis unreasonable?"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/#Efficient_Market_Hypothesis_background\" >Efficient Market Hypothesis background<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/#Where_did_it_come_from\" >Where did it come from?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/#Unreasonable_assumptions\" >Unreasonable assumptions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/#Unreal\" >Unreal<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/#What_about_the_real_world\" >What about the real world?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/#Buffetts_comments_on_EMT\" >Buffett&#8217;s comments on EMT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/#Buffetts_fundamental_thought\" >Buffett&#8217;s fundamental thought<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/#Most_academic_classes_are_not_helpful\" >Most academic classes are not helpful<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/#Difficult_does_not_mean_useful\" >Difficult&nbsp;does not mean useful<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/#Closing_words\" >Closing words<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Efficient_Market_Hypothesis_background\"><\/span>Efficient Market Hypothesis background<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Where_did_it_come_from\"><\/span>Where did it come from?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Efficient Market Hypothesis (EMH) is an investment theory proposed by Eugene Fama of the University of Chicago in the 1970s (so the University of Chicago Business School was later called the base of the Efficient Market Hypothesis by outsiders). The general idea is that a market in which stock prices reflect all available public information at any point in time is called an efficient market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Unreasonable_assumptions\"><\/span>Unreasonable assumptions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>At first glance, this hypothesis seems plausible. But this theory is actually based on many beautiful assumptions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Investors are rational and will not be influenced by others.<\/li>\n\n\n\n<li>All investors will be instantly informed of all the market news, and will immediately react in their favor.<\/li>\n\n\n\n<li>The stock price has already reflected the intrinsic value, and there is no arbitrage; the average return of investors will be close to the performance of the stock market, and no one can beat the market for a long time.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Unreal\"><\/span>Unreal<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After reading these perfect assumptions, most investors with investment experience must have a hard time agreeing with this view. However, since the Efficient Market Hypothesis was put forward, it has been regarded as the standard by many world-renowned business schools, and it still has many followers. It can be seen that there is a big gap between theory and practice.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_about_the_real_world\"><\/span>What about the real world?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This is what we have in the real market:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It simply a recognition that in investing we deal always with probabilities and possibilities, never with certainties. It follows as night the day that in investing that odds are all important.<\/li>\n\n\n\n<li>Buyers and sellers all based on informatin they are confident, but what make them have oposite opinions?\n<ul class=\"wp-block-list\">\n<li>Sellers have better investing alternatives<\/li>\n\n\n\n<li>No one can be informed about the future, people&#8217;s decision are base on assumption they made, lead to different conclusion.<\/li>\n\n\n\n<li>No one ever is or or can be fully informed<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Fresh or true information, ther is no way to verify<\/li>\n\n\n\n<li>Even if ten thousands investors have heard the news ahead of you, it may still prove profitable to you if 10M investors are going to hear it and act on it after you.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buffetts_comments_on_EMT\"><\/span>Buffett&#8217;s comments on EMT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In his <a href=\"http:\/\/www.berkshirehathaway.com\/letters\/1988.html\" target=\"_blank\" rel=\"noopener\">1988 Letter to Shareholders<\/a>, Buffett wrote:<\/p>\n\n\n\n<p><em>The preceding discussion about arbitrage makes a small discussion of \u201cefficient market theory\u201d (EMT) also seem relevant. This doctrine became highly fashionable \u2010 indeed, almost holy scripture in academic circles during the 1970s. Essentially, it said that analyzing stocks was useless because all public information about them was appropriately reflected in their prices. In other words, the market always knew everything. <\/em><\/p>\n\n\n\n<p><em>As a corollary, the professors who taught EMT said that someone throwing darts at the stock tables could select a stock portfolio having prospects just as good as one selected by the brightest, most hard\u2010working security analyst. Amazingly, EMT was embraced not only by academics, but by many investment professionals and corporate managers as well. Observing correctly that the market was frequently efficient, they went on to conclude incorrectly that it was always efficient. The difference between these propositions is night and day.<\/em><\/p>\n\n\n\n<p><em>In my opinion, the continuous 63\u2010year arbitrage experience of Graham\u2010Newman Corp. Buffett Partnership, and Berkshire illustrates just how foolish EMT is. (There\u2019s plenty of other evidence, also.) While at Graham\u2010Newman, I made a study of its earnings from arbitrage during the entire 1926\u20101956 lifespan of the company. Unleveraged returns averaged 20% per year.<\/em><\/p>\n\n\n\n<p><em>Starting in 1956, I applied Ben Graham\u2019s arbitrage principles, first at Buffett Partnership and then Berkshire. Though I\u2019ve not made an exact calculation, I have done enough work to know that the 1956\u20101988 returns averaged well over 20%. (Of course, I operated in an environment far more favorable than Ben\u2019s; he had 1929\u20101932 to contend with.)<\/em><\/p>\n\n\n\n<p><em>All of the conditions are present that are required for a fair test of portfolio performance: (1) the three organizations traded hundreds of different securities while building this 63\u2010year record; (2) the results are not skewed by a few fortunate experiences; (3) we did not have to dig for obscure facts or develop keen insights about products or managements \u2010 we simply acted on highly\u2010publicized events; and (4) our arbitrage positions were a clearly identified universe \u2010 they have not been selected by hindsight.<\/em><\/p>\n\n\n\n<p><em>Over the 63 years, the general market delivered just under a 10% annual return, including dividends. That means $1,000 would have grown to $405,000 if all income had been reinvested. A 20% rate of return, however, would have produced $97 million. That strikes us as a statistically\u2010significant differential that might, conceivably, arouse one\u2019s curiosity.<\/em><\/p>\n\n\n\n<p><em>Yet proponents of the theory have never seemed interested in discordant evidence of this type. True, they don\u2019t talk quite as much about their theory today as they used to. But no one, to my knowledge, has ever said he was wrong, no matter how many thousands of students he has sent forth misinstructed. EMT, moreover, continues to be an integral part of the investment curriculum at major business schools. Apparently, a reluctance to recant, and thereby to demystify the priesthood, is not limited to theologians.<\/em><\/p>\n\n\n\n<p><em>Naturally the disservice done students and gullible investment professionals who have swallowed EMT has been an extraordinary service to us and other followers of Graham. In any sort of a contest \u2010 financial, mental, or physical \u2010 it\u2019s an enormous advantage to have opponents who have been taught that it\u2019s useless to even try. From a selfish point of view, Grahamites should probably endow chairs to ensure the perpetual teaching of EMT.<\/em><\/p>\n\n\n\n<p><em>All this said, a warning is appropriate. Arbitrage has looked easy recently. But this is not a form of investing that guarantees profits of 20% a year or, for that matter, profits of any kind. As noted, the market is reasonably efficient much of the time: For every arbitrage opportunity we seized in that 63\u2010year period, many more were foregone because they seemed properly\u2010priced.<\/em><\/p>\n\n\n\n<p><em>An investor cannot obtain superior profits from stocks by simply committing to a specific investment category or style. He can earn them only by carefully evaluating facts and continuously exercising discipline. Investing in arbitrage situations, per se, is no better a strategy than selecting a portfolio by<br>throwing darts.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buffetts_fundamental_thought\"><\/span>Buffett&#8217;s fundamental thought<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Most_academic_classes_are_not_helpful\"><\/span>Most academic classes are not helpful<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In his <a href=\"http:\/\/www.berkshirehathaway.com\/letters\/1996.html\" target=\"_blank\" rel=\"noreferrer noopener\">1996 Letter to Shareholders<\/a>, Buffett wrote:<\/p>\n\n\n\n<p><em>\u201cTo invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though,&nbsp;<strong>investment students need only two well-taught courses \u2013 How to Value a Business, and How to Think About Market Prices.<\/strong>\u201d&nbsp;<\/em><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"146\" height=\"130\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/07\/emh.jpg\" alt=\"Efficient market\" class=\"wp-image-12425\"\/><figcaption class=\"wp-element-caption\">Credit:seekingalpha<\/figcaption><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Difficult_does_not_mean_useful\"><\/span>Difficult&nbsp;does not mean useful<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In his <a href=\"https:\/\/berkshirehathaway.com\/letters\/1987.html\" target=\"_blank\" rel=\"noopener\">1987 shareholders letter<\/a>, he said:  <\/p>\n\n\n\n<p>As he put it in his &#8220;1987 Berkshire Letter to Shareholders&#8221;: <\/p>\n\n\n\n<p><em>Ben&#8217;s Mr. Market allegory may seem out-of-date in today&#8217;s<br>investment world, in which most professionals and academicians<br>talk of efficient markets, dynamic hedging and betas. Their<br>interest in such matters is understandable, since techniques<br>shrouded in mystery clearly have value to the purveyor of<br>investment advice. After all, what witch doctor has ever<br>achieved fame and fortune by simply advising &#8220;Take two aspirins&#8221;?<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Closing_words\"><\/span>Closing words<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Warren\u00a0Buffet\u00a0said: &#8220;I&#8217;d\u00a0be a bum on the\u00a0street\u00a0with a tin cup\u00a0if\u00a0the\u00a0markets were\u00a0always\u00a0efficient.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/26\/complicated-math-stock\/\">Complicated math is not required in stock investing<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/10\/27\/portfolio-rebalancing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why is portfolio rebalancing unreasonable<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/01\/15\/crowd-get-lost\/\">The crowd tend to lose their judgment and get lost<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/13\/why-modern-portfolio-theory-unreasonable\/\">Why Modern Portfolio Theory Unreasonable?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/07\/efficient-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why is the efficient market hypothesis unreasonable?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/06\/30\/a-random-walk-down-wall-street\/\" target=\"_blank\" rel=\"noreferrer noopener\">&#8220;A Random Walk Down Wall Street&#8221; is a must-read for US stock investors<\/a>&#8220;<\/li>\n\n\n\n<li> &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/08\/18\/why-concentrated-investment\/\">Why concentrated Investment?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/12\/04\/u-should-invest-etfs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Most investors should invest ETFs tracking broader market<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/02\/08\/etfs-tracking-us-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">US issued ETFs tracking US market is your best bet<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/21\/why-long-term-investment\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why long-term investment is better?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/investors-should-pay-attention-to-the-annualized-rate-of-return-irr-how-to-calculate\/\" target=\"_blank\" rel=\"noreferrer noopener\">Investors should care annualized rate of return (IRR), calculate with free IRR Calculator<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/06\/any-reason-to-buy-mutual-fund\/\" target=\"_blank\" rel=\"noreferrer noopener\">Any strong reason to buy mutual fund?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/10\/20\/thinking-outsourced\/\" target=\"_blank\" rel=\"noreferrer noopener\">Thinking cannot be outsourced<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/27\/survivorship-bias\/\" target=\"_blank\" rel=\"noreferrer noopener\">People believe successful investors are survivorship bias cannot succeed<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Efficient Market Hypothesis (EMH) is an investment theory proposed by Eugene Fama of the University of Chicago in the 1970s<\/p>\n","protected":false},"author":1,"featured_media":12425,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-4920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buffett"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/4920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=4920"}],"version-history":[{"count":43,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/4920\/revisions"}],"predecessor-version":[{"id":38395,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/4920\/revisions\/38395"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/12425"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=4920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=4920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=4920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}