And that everyone has perfect infinite information, which is impossible.
And that externalities are irrelevant, which is false
And that all options are equally accessible, which doesn't exist.
And that people act in perfectly rational objective ways, which isn't how humans behave.
And that everyone instantaneously knows the utility maximization function of all potential transactions, which doesn't ever happen either.
And that firms will always prefer competition over cooperation, which is the exact opposite of reality.
And that any tricks such as cornering, price fixing, ramping, runs, pump and dumps, luring, spoofing, churning, pools, don't exist, which is also false.
The foundation it's built on is a fundamental fiction. Conclusions based on it occasionally resembling reality are exceedingly rare and merely coincidental - it's like a form of astrology with more equations and charts.
And the real clincher is the advocates are only interested in defending their ideological agenda like some kind of religious zealot.
When anyone walks in thinking they already have the answer before hearing any of the questions, watch out - especially if it's the same exact answer every time.