[h11]

I disagree, for low level games at least. I was always a terrible poker player, in casual games, almost always lost, but read a couple books and then won on the internet, at low levels. Concepts such as "probability" never occurred to me as relevant before. I read Ed Miller's book on Small Stakes, changed how I played, and won at a faster clip.

Also, if stocks are priced efficiently, then we should expect managers, with transaction costs, to do worse than chance calculated without those costs.

I love reading anything Aaron Brown writes. He has a wonderfully clean mind which cuts through the underbrush to get right at the heart of issues.