Efficient market hypothesis aka धन्धा है पर क्या गन्दा है ये ?

Enough academic research has already flown into finding out whether active portfolio management works, i.e. stock picking is random luck than skill...I tend to get the philosophical pangs about my profession (of course, I don't stop praying for that extra bonus at year end)...as to why should portfolio managers be paid in case market truly is efficient...

But to turn the argument on its head, in case markets are truly efficient, the efficiency of the market is because of this "intelligence" flowing into the market at all points of time...so portfolio management fee is the cost that investors have to pay just to keep the market efficient...

hmmm.....मोगाम्बो खुश हुआ :-) :-प