Man Does Not Live By

There Is Something In People; You Might Even Call It A Little Bit Of A Gambling Instinct… I Tell People Investing Should Be Dull. It Shouldn't Be Exciting. Investing Should Be More Like Watching Paint Dry Or Watching Grass Grow. If You Want Excitement, Take $800 And Go To Las Vegas.

I Couldn't Reconcile What I Was Being Taught At The University Of Chicago, The Lectures And The Books I Was Being Assigned, With What I Knew To Be True Out In The Streets.

It Is Not Easy To Get Rich In Las Vegas, At Churchill Downs, Or At The Local Merrill Lynch Office.

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.

Perhaps There Really Are Managers Who Can Outperform The Market Consistently - Logic Would Suggest That They Exist. But They Are Remarkably Well-hidden.