A Quote by Paul Samuelson
Second, they [those who disagree with market efficiency] always claim they know a man, a bank, or a fund that does do better. Alas, anecdotes are not science. And once Wharton School dissertations seek to quantify the performers, these have a tendency to evaporate into the air - or, at least, into statistically insignificant t-statistics.
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An ordinary person who wants to invest in the stock market or a mutual fund, or simply open a saving bank account, is bombarded by ever increasing compliance regulations under the pretext of automation, efficiency, better governance or prevention of money laundering.
First, those who disagree with market efficiency simply assert that it stands to common sense that greater effort to get facts and greater acumen in analyzing those facts will pay off in better performance somehow measured. (By this logic, cure for cancer must have been found by 1955).
Being a philosophical naturalist does not mean that one thinks that science can provide all of the answers. That is scientism and that is wrong. I don't think a billion buckets of science could speak to the problems raised by the Tea Party. Being a philosophical naturalist does not mean that one thinks that the only truths are those of science. I think the claim just made in the last sentence is true but I don't think it is a claim of science. It means that you use science where you can and you respect and try to emulate its standards.
I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.
There is a tendency in all of us to ask for better statistical performance. There is a tendency to impose quotas behind which usually lies imposition of pressure to achieve improved statistics.
Science is better paid than at any time in the past. The results of this pay have been to attract into science many of those for whom the pay is the first consideration, and who scorn to sacrifice immediate profit for the freedom of development of their own concept. Moreover, this inner development, important and indispensable as it may be to the world of science in the future, generally does not have the tendency to put a single cent into the pockets of their employers.
I think the Baby Boom does have a tendency to get its nose in everything. The Greatest Generation had a better tendency to leave people alone. Of course, they also had a better tendency to hate everybody's guts.
Anyone will be glad to admit that he knows nothing about beagling, or the Chinese stock market, or ballistics, but there is not a man or woman alive who does not claim to know how to cure hiccoughs.
When we dwell on the enormity of the Second World War and its victims, we try to absorb all those statistics of national and ethnic tragedy. But, as a result, there is a tendency to overlook the way the war changed even the survivors' lives in ways impossible to predict.
Tao can be used by anybody, but it does not beling to anyone. It is just like air; everyone can breathe the air, but no one can claim ownership of the air.
I decry the current tendency to seek patents on algorithms. There are better ways to earn a living than to prevent other people from making use of one's contributions to computer science.
I claim that all those who think they can cherry-pick science simply don't understand how science works. That's what I claim. And if they did, they'd be less prone to just assert that somehow scientists are clueless.
There are but two types of men who desire war: those who haven’t the slightest intention of fighting it themselves, and those who haven’t the slightest idea what it is. … Any man who has seen the face of death knows better than to seek him out a second time.
Experience conclusively shows that index-fund buyers are likely to obtain results exceeding those of the typical fund manager, whose large advisory fees and substantial portfolio turnover tend to reduce investment yields. Many people will find the guarantee of playing the stock-market game at par every round a very attractive one. The index fund is a sensible, serviceable method for obtaining the market's rate of return with absolutely no effort and minimal expense.
The proper study of Man is anything but Man; and the most improper job of any man, even saints (who at any rate were at least unwilling to take it on), is bossing other men. Not one in a million is fit for it, and least of all those who seek the opportunity.
I've always been baffled by how much we over-rate the statistically insignificant differences that separate competitors at the top end of the distribution.
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