I would agree, in a heartbeat, that the market is normally...

I would agree, in a heartbeat, that the market is normally right...

However, again, I would say that it isn't always right...

Others may argue that the market is assigning a, say, 1% chance to CNP recovering... so, if CNP recovers, the market isn't 'wrong', just the 1% chance happened this time....

However, *I* would argue that may be the case... but, ALSO, there may infact be a 10% chance of CNP recovering... the market may be estimating the chance of recovery incorrectly (not saying that with CNP, there is a 10% chance, just an example).

After fees, it's hypothesised that most fund managers don't outperform the market.... I would also argue that, the *best* fund managers can, more often than not, outperform the market.