Question: A columnist on barrons.com notes that all possible knowledge about the 500 biggest stocks is fully discounted in their prices. Therefore, he concludes, passive ownership

A columnist on barrons.com notes that "all possible knowledge about the 500 biggest stocks is fully discounted in their prices." Therefore, he concludes, "passive ownership of that broad index beats active stock picking."

How does the second quoted excerpt from the column follow logically from the first quoted excerpt?

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