If enough people try, some are bound to outperform the market, but most are still likely to underperform. The basic random walk premise is that price movements are totally random. Judging from the chart, the price movements of Nemont Mining over this 5-month period would appear to be quite random. Prices move at random and adjust to new information as it comes available. The adjustment to this new information is so fast that it is impossible to profit from it.
Attempts based on technical, fundamental or any other analysis are futile.
Admittedly, he does have a point. Investors can easily buy index-based securities with very low transactions costs. While there are some good points to be gleaned from the random walk theory, it appears to be a bit dated and does not accurately reflect the current investment climate. Random walk theory was introduced over 25 years ago when institutions dominated the market. These institutions had superior access to resources and the individual was at the mercy of the large brokerage houses for quality research.