Hi Trebor,

Yes, absolutely - a winner's game!  I believe that 100%. IMHO, markets are totally inefficient.

It truly amazes me how much time & energy proponents of passive investing spend trying to prove that markets are "efficient" - that it's all priced in.  Perhaps if they focused instead on understanding business and trying to uncover value they would take a different view.

There are several terrific fund managers who have been disproving the efficient market theory year after year for over a decade. 

Sadly, there are also several large brokerage houses who consistently earn big profits using sophisticated computer models - ranging from arbitrage to pattern recognition.  I say "sadly" because I don't think these guys are giving investing a very good name.

Just my two cents.  Whatever works best for you!

Norbert