> If there is a way to consistently "beat" the market then everyone will adopt the strategy and you're no longer ahead. Sure, assuming every market participant

> If there is a way to consistently "beat" the market then everyone will adopt the strategy and you're no longer ahead. Sure, assuming every market participant has knowledge of the winning strategy, and the skills to employ it..which is a pretty big caveat. By this logic why do some chess players beat others? Wouldn't they all simply adopt the same strategy?