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From what I remember from the book, the claim is not that nobody can beat the market; it's that you can't distinguish them from lucky winners.

By the way, which funds have beaten the market for decades?

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Renaissance Tech? Clearly at some level of expenditure you can beat risk/return of the market, but it doesn't necessarily scale either up or down. You need enough money to hire your army of PhDs, but not so much money that it starts to affect the market.

edit: heh, snap.

> it's that you can't distinguish them from lucky winners.

Jim Simmons doesn't agree, see Renaissance Technologies as an example. And time would week out lucky winners; luck isn't consistent over long time periods and this is just one example.

The RenTech Medallion fund is owned entirely by fund employees. It's not accessible to people who are not able to contribute to its success.

True, but not relevant to whether the market is or isn't random, which is the topic.

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