Underperforming the Market: Why Researchers are Worse than Professional Stock Pickers and A Way Out

I was reading in the NYT yesterday a story about Warren Buffet and how the Oracle of Omaha has trailed the S&P 500 for four of the last five years.  It was based on an analysis done by a statistician who runs a blog called Statistical Ideas, which has a post on p-values that links to this Nature article a couple of months back that describes how we can be misled by P-values.  And all of this got me thinking.

We have a dual problem in medical research:  a.)  of conceiving alternative hypotheses which cannot be confirmed in large trials free of bias;  and b.) not being able to replicate the findings of positive trials.  What are the reasons for this?