It is widely believed that hydrodynamics is the low energy effective theory of any quantum field theory. In this talk I will derive the local low energy effective action for uncharged dissipationless conformal fluids through holography. This can be achieved by solving a double-Dirichlet problem for linearised gravitational perturbations between the conformal boundary of a (4+1)-dimensional AdS-black brane background and a stretched horizon. Interestingly dissipationless fluid dynamics is captured by Goldstone bosons of the broken symmetries by the classical solution ending on the second boundary. I will discuss how the effective action approach might be inconsistent unless there is a coupling to a dissipative dynamical IR sector which for simplicity can be replaced by a membrane paradigm-like boundary condition on a stretched horizon and I will also comment on the limits of validity of this simplification.