Of course chance plays a huge role, but entropically speaking, the idea that all investors have equal skill seems a bit absurd. Now, whether "investing skill"

Of course chance plays a huge role, but entropically speaking, the idea that all investors have equal skill seems a bit absurd. Now, whether "investing skill" is something that can be meaningfully distilled and taught to others is a whole different question. I think the answer is closer to "no" than "yes". The industry-wide distribution of the long term performance of fund managers seems to provide cursory evidence to support this.