Perhaps there really are managers who can outperform the market consistently - logic would suggest that they exist. But they are remarkably well-hidden.

Reasonable men are not reasonable when you're in the bubbles which have characterized capitalism since the beginning of time.

A growing nation is the greatest ponzi game ever contrived.

Sooner or later the Internet will become profitable. It's an old story played before by canals, railroads and automobiles.

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.

I don't care who writes a nation's laws - or crafts its advanced treaties - if I can write its economics textbooks.

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.