&gt; Is there any objective evidence that there are people who consistently beat the market, over the long term?<p>This is narrowing the problem to growth investing. Most high-net worth individuals care about growth investments only tangentially, the agenda is usually income generation.<p>With income generation one can consistently beat the market year over year over long term. Simplest examples would be a cash-flowing real estate investment at an attractive entry price.<p>If you believe that public markets are efficient, then it also implies that by the time you&#x27;re on the buying side, any inefficiency and pricing discrepancy has been squeezed.