Burton Malkiel wrote “NO ONE PERSON OR INSTITUTION CONSISTENTLY KNOWS MORE THAN THE MARKET” in A Random Walk Down Wall Street

And just before, he states “The fact that the best and brightest on Wall Street cannot consistently distinguish correct valuations from incorrect ones shows how hard it is to beat the market. There is no evidence that anyone can generate excess returns by making consistently correct bets against the collective wisdom of the market.”

So, to people who pick individual stocks, how is this wrong?