Whichever way it is looked at, to suggest that markets are rational is wrong.
Anyone who tells you otherwise is deluded, conning you, or stupid. You choose.
But Spud is right.
BTW, there’s a fun test of this theory. If Spud is right and markets are irrational then he should make a fortune trading against market prices. As we all also know Spud’s pension is in cash and has been for some time. That is, Spud doesn’t believe his own insistence about irrationality.