The basic argument of the first group isthat the stock market is largely efficient so the only way an investment manager can beat the market is through random chance.
Those whose profits depend upon speedy boarding have random boarding: we are reasonably safe in our assumption therefore thatrandom boarding is the speediest because people whose profit depends upon it do so.
Each one is stuffed with several hundred tiny glass spheres or shards, of random size and glued in place in a random pattern sothat each token, which can be inserted in a credit card, is unique.
By random chance, there is a 25% probability that a given fund will be in the top quartile so you might expect that at least 25% of these top performers stayed in the top quartile.