Comment by lisper

Right. To show the EMH is dead you have to show that someone can beat the market with odds better than chance under properly controlled conditions. In a market with millions of participants, you would expect there to be a few who beat the market purely by luck many times in a row. In fact, in a population of a mere one million people, you would expect to find one person who beat the market 20 times in a row without a single miss by pure luck! Four for four is not even remotely remarkable. One person in every 16 will be able to do that.