Wikipedia top-line sentence disagrees with you regarding what the theory says: > The efficient-market hypothesis (EMH) is a hypothesis in financial economics t

Wikipedia top-line sentence disagrees with you regarding what the theory says: > The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information. But anyway, it sounds like we agree on the main point: relatively few individuals are able to consistently beat the market.