Two-thirds Of A Century After

Macroeconomics, Even With All Of Our Computers And With All Of Our Information - Is Not An Exact Science And Is Incapable Of Being An Exact Science.

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.

Profits Are The Lifeblood Of The Economic System, The Magic Elixir Upon Which Progress And All Good Things Depend Ultimately. But One Man's Lifeblood Is Another Man's Cancer.

A Growing Nation Is The Greatest Ponzi Game Ever Contrived.

Even If This Advice To Portfolio Decision Makers To Drop Dead Is Good Advice, It Obviously Is Not Counsel That Will Be Eagerly Followed. Few People Will Commit Suicide Without A Push. And Fewer Still Will Pay Good Money To Be Told To Do What Is Against Human Nature And Self-interest To Do.