The "you can't beat the market" crowd is the funniest contradiction in finance

"It's priced in." Priced in by who? Nobody knows the correct price of anything. A stock price is just where the last trade happened. That's it. There's no machine calculating what things should be worth. And no, the market doesn't magically add up everyone's information and spit out the truth. Most people trading aren't even expressing a view on value. They need cash, got margin called, are rebalancing, whatever. That's not wisdom of the crowd. That's plumbing. "Active managers underperform." Ye