As other posters have said, I did not state that this 5% represents people deemed as "experts" or that there is any objective way of determining which market pa

As other posters have said, I did not state that this 5% represents people deemed as "experts" or that there is any objective way of determining which market participants are in that 5%- Just checking performance is not enough because of many false positives due to the large random element and the overwhelming number of less-skilled investors (and because skilled investors have an interest in remaining non-public) In other words, I personally believe in weak forms of EMH, since I believe having an "edge" is very very hard but not impossible. I base this belief on my 15 years of experience investing in the stock market. Without a doubt, the default assumption for any analysis of the markets should be "no one can outperform index funds" but I think there is evidence that reality deviates slightly from this default assumption.