The Markets are Almost but not Completely Efficient

The efficient market hypothesis is almost, but not quite, correct, and this seemingly small distinction makes all the difference in the world. Most of the time, most of the available information will be priced into most investment opportunities. But there will be occasional substantial mispricings, and that's enough to outperform the market, because out of the hundreds of thousands of investment options you have, you only have to swing at a few pitches.