A Quote by Paul Samuelson
The debate can be put in the form of the question: Resolved, that the best of money managers cannot be demonstrated to be able to deliver the goods of superior portfolio-selection performance. Any jury that reviews the evidence, and there is a great deal of relevant evidence, must at least come out with the Scottish verdict: Superior investment performance is unproved.
Related Quotes
All but a few of the organizations do not specifically promise to deliver superior investment performance although it is perhaps not unreasonable for the public to draw such an inference from their advertised emphasis on professional management.
Millions of mutual-fund investors sleep well at night, serene in the belief that superior outcomes result from pooling funds with like-minded investors and engaging high-quality investment managers to provide professional insight. The conventional wisdom ends up hopelessly unwise, as evidence shows an overwhelming rate of failure by mutual funds to deliver on promises.
Over the long run, superior performance depends on superior learning.
Each man must reach his own verdict, by weighing all the relevant evidence.
A director really doesn't deal with performance that much, especially if you deal with great actors. Their work is the performance. What you're helping them with is all the stuff they cannot be in control of.
It is the duty of the Judge in criminal trials to take care that the verdict of the jury is not founded upon any evidence except that which the law allows.
In 1960, John F. Kennedy rode a superior televised debate performance to victory over Richard Nixon.
It's very difficult for any particular segment of the stock market to sustain superior performance. The watch word for our financial markets is, "reversion to the mean" i.e. what goes up must come down, and it's true more often than you can imagine.
There is one thing of which I can assure you. If good performance of the fund is even a minor objective, any portfolio encompassing one hundred stocks (whether the manager is handling one thousand dollars or one billion dollars) is not being operated logically. The addition of the one hundredth stock simply can't reduce the potential variance in portfolio performance sufficiently to compensate for the negative effect its inclusion has on the overall portfolio expectation.
Every superior personality, and every superior performance, has, for the average of mankind, something mysterious.
Employees who are controlled cannot respond caringly, you need superior knowledge and real leadership, not management. Because of this we specifically developed a selection process for leaders; we don't hire managers.
I believed there was enough evidence to go to trial. Grand jury said there wasn't. Okay, fine. Do I have a right to disagree with the grand jury? Many Americans believe O.J. Simpson was guilty. A jury said he wasn't. So I have as much right to question a jury as they do. Does it make somebody a racist? No! They just disagreed with the jury. So did I.
There is not a morsel of evidence backing up any of the claims or any of the narratives or any of the premises that make up today's news. There is not a morsel of evidence on anybody. There's not a morsel of evidence on Flynn! On Manafort! On Carter Page! There's no evidence on Trump! And yet the reporting goes on. Convicted of high crimes already without a trial. It's a great piece by Eli Lake.
I have become increasingly convinced that the past records of mutual fund managers are essentially worthless in predicting future success. The few examples of consistently superior performance occur no more frequently than can be expected by chance.
In contrast to creation, Darwinism does not have a single piece of evidence demonstrating the theory of evolution. Its proponents don't have any fossil evidence, of the kind which they should be able to put forward.
Working with Brock Lesnar is a daily challenge because every Monday night that we're on television, I feel compelled to deliver, at least from my end, the best performance I've ever put on.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist