1. Obviously some people with zero unique insight or skill in a business will make out big (i.e. "beat the market"), just like some people will win the lottery. But drastically increasing your risk/volatility and then saying "some people beat the market average!" is not actually a counterpoint to EMH, which primarily says something about risk-adjusted returns.
2. More importantly, though, if you do have some special insight into why a private business may outcompete its competitors, by all means, go for it. But TFA is basically highlighting that the vast majority of these people had no special skills in business, marketing, etc. beyond "I like fitness and once took one of their classes!" If you're in that boat, on average, you're better putting that money in the stock market. If you're a gambler and think you can, literally, beat the odds with nothing but luck, again, go for it, but I'm not going to have sympathy for you if you decided to, essentially, put your life savings on double-0.
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That's not what I'm saying. Two points:
1. Obviously some people with zero unique insight or skill in a business will make out big (i.e. "beat the market"), just like some people will win the lottery. But drastically increasing your risk/volatility and then saying "some people beat the market average!" is not actually a counterpoint to EMH, which primarily says something about risk-adjusted returns.
2. More importantly, though, if you do have some special insight into why a private business may outcompete its competitors, by all means, go for it. But TFA is basically highlighting that the vast majority of these people had no special skills in business, marketing, etc. beyond "I like fitness and once took one of their classes!" If you're in that boat, on average, you're better putting that money in the stock market. If you're a gambler and think you can, literally, beat the odds with nothing but luck, again, go for it, but I'm not going to have sympathy for you if you decided to, essentially, put your life savings on double-0.