Active investing probably doesn't make sense for _you_ as an individual, but a sophisticated hedge fund with a good team and good data can definitely find compe

Active investing probably doesn't make sense for _you_ as an individual, but a sophisticated hedge fund with a good team and good data can definitely find competitive edges. That being said, some hedge funds and other wealth managers (cough - VCs cough) are definitely border-line scams riding on leveraged beta exposure (wasn't a bad strategy during ZIRP). I'm not sure day traders (a) are a large enough force to affect markets or (b) ever make all that much money on average.