The Stock Market Has Predicted

Two Factors Explain Our Success. One, Mit's Renaissance After World War Ii As A Federally Supported Research Resource. Two, The Mathematical Revolution In Macro- And Micro-economic Theory And Statistics. This Was Overdue And Inevitable, Mit Was The Logical Place For It To Flourish.

An American Economist Of Two Generations Ago, H. J. Davenport, Who Was The Best Friend Thorstein Veblen Ever Had (veblen Actually Lived For A Time In Davenport's Coal Cellar) Once Said: "there Is No Reason Why Theoretical Economics Should Be A Monopoly Of The Reactionaries." All My Life I Have Tried To Take This Warning To Heart, And I Dare Call It To Your Favorable Attention.

This Message (that Attempting To Beat The Market Is Futile) Can Never Be Sold On Wall Street Because It Is In Effect Telling Stock Analysts To Drop Dead.

But The Trouble Is That He [alan Greenspan] Had Been An Ayn Rander. You Can Take The Boy Out Of The Cult But You Can't Take The Cult Out Of The Boy.

That's What I Would Like To Do Until The End Of Time, To Go On Scribbling My Articles On The Third Floor Of The Sloan Building, In Between Playing Tennis And Drinking Coffee At My Other Study In The Concord Avenue Branch Of Burger King.