Perhaps there really are managers who can outperform the market consistently - logic would suggest that they exist. But they are remarkably well-hidden.
Paul SamuelsonSelf-deception ultimately explains Japan's plight. The Japanese have never accepted that change is in their interest - and not merely a response to U.S. criticism.
Paul SamuelsonBy keeping labor supply down, immigration policy tends to keep wages high. Let us underline this basic principle: Limitation of the supply of any grade of labor relative to all other productive factors can be expected to raise its wage rate; and increase in supply will, other things being equal, tend to depress wage rates.
Paul Samuelson