It seems to me that the continued debate over whether or not the market is random (or whether it is not), is very similar to the debate of nature vs nurture. M

It seems to me that the continued debate over whether or not the market is random (or whether it is not), is very similar to the debate of nature vs nurture. My instincts, and my conclusion is that there is an element of both randomness and non-randomness in the market. I would expect then that there would be both successful and non-successful actors who succeed/fail due to random and non-random factors. My gut further leads me to believe that having insight or knowledge of the market coupled with a very large bankroll would allow you to ride the random events/waves with prudent mitigation strategies. A hedge, if you would. My expectation also would be then you could measure almost any fund on some arbitrary timeline and argue that the traders either knew or didn't know what they were doing, and that because of random event XYZ they either failed to correctly predict market movement ABC over period IJK. Let's not even get into the MNO or DEF parts!