>I have yet to hear of an investor or a fund manager, though, who consistently beats the market.
Renaissance Technologies? Funny enough, it's always the people outside the industry with the least amount of information who believe in EMH.
To be clear, there are other great many firms that consistently crush it (including mine), but you probably haven't heard of them, or they are proprietary trading operations vs mutual/hedge funds.
But regardless, the point of a hedge fund manager isn't to beat the market anyways: it's to provide uncorrelated return.
Renaissance Technologies? Funny enough, it's always the people outside the industry with the least amount of information who believe in EMH.
To be clear, there are other great many firms that consistently crush it (including mine), but you probably haven't heard of them, or they are proprietary trading operations vs mutual/hedge funds.
But regardless, the point of a hedge fund manager isn't to beat the market anyways: it's to provide uncorrelated return.