Yes, this was one of the points that Hayek made, there is no perfect knowledge in the economy because it is all distributed amongst all the people in the economy and not necessarily concentrated anywhere, So, if it is not really concentrated in any specific place than all of the knowledge is less than perfect and it is just an arbitrary call on what is superior to the other. Some may at times outperform and at other times underperform. To me, the capital markets look more like a crapshoot than anything else, other than front running the markets. Just abhors those market-makers!