It is possible for someone to “beat the market” through blind random chance or luck, the point is that it is stupid to try. There is no  reliable way to predict the right stocks in advance in order to beat the market. Yes, it is possible for someone to get lucky and beat the market, just like there is always someone that gets lucky in Vegas, but (statistically speaking) chances are it’s not going to be you.

Investors do not have to be rational or reasoning in order to create an efficient market. The Free Market factors in emotions and instincts when pricing goods and services. Even M&Ms have an efficient pricing mechanism.

Las Vegas is built on money lost, not money won – yet, no one ever talks about how much they lost in Vegas. Wall Street is built on trading, commissions, and bid/ask spreads – people lose in Vegas, people lose in investing too. Don’t get portfolio envy over every story you hear about someone who “won” on a hot investment (most of the stories aren’t true anyway).