Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn't.
Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices.
To beat the market you'll have to invest serious bucks to dig up information no one else has yet.