Random Walk isn't about everybody beating everybody all of the time. Active funds, individual traders, hedge funds, pe, VCs are all trying to optimize active in

Random Walk isn't about everybody beating everybody all of the time. Active funds, individual traders, hedge funds, pe, VCs are all trying to optimize active individual bets, and those will likely have high positive returns sometimes. But when those with the highest returns get over priced and a fee built in until an index fund is better over long terms.