Thanks for your comment, John.

Unfortunately, just because the majority of active fund managers underperform indices in no way proves that markets are efficient.

There are many reasons that could explain underperformance: negligence, incompetence, arrogance, emotional behavior, lack of effective analytical tools, failure to come up with an adequate investment style, failure to adapt one's investment style once markets have caught on, etc.

As I wrote in the very last sentence, just because markets are inefficient does not mean that all investors will be able to devise an investment style that consistently, even if not constantly, outperforms. Most will fail. In that sense, we seem partly to be in agreement.