Yes the same funds usually are the top ones. There’s one offs like people who made money in 2008 etc. but it’s the same people always beating the market. The industry is really small, I don’t need a false and misleading academic study
they provided study's and links, can you? Seems like you're the one just saying things.
Not only does it make sense from a mean scenario, but it makes sense from a human scenario too. When i see a company like Tesla skyrocket to 700, every day that it posts a 10% gain i think it's at the end of it's rally. Eventually, the firm gets way too hot and pressure to buy cools down. Market cap is just how much people are willing to pay for something * outstanding shares. If suddenly everyone thinks the rally has gone on too long, buying pressure ceeds and thus market cap/ stock price.
I’ve got better things to do, and it’s widely known that finance academia is worthless. The inner workings of the investing world is opaque. That’s why you see people posting logically sounding nonsense