Always Want More Cowbell The More Cowbell skit can be repurposed to explain debates over the efficient market hypothesis. Many proponents of the efficient market hypothesis may initially find it annoying that nonbelievers do not share their view. However, believers’ faith in the efficient market hypothesis is dependent on nonbelievers continuing to try, but inevitably failing, to ‘beat the market.’ The efficient market hypothesis only works when investors can be ‘free riders’ that enjoy the fruits of nonbelievers’ labor, which make the market efficient. Thus, believers in the efficient market hypothesis should always want “more cowbell,” which in this context…