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.

Every good cause is worth some inefficiency.

It is not easy to get rich in Las Vegas, at Churchill Downs, or at the local Merrill Lynch office.

Politicians like to tell people what they want to hear - and what they want to hear is what won't happen.

In every mutual fund prospectus, in every sales promotional folder, and in every mutual fund advertisement (albeit in print almost too small to read), the following warning appears: "Past performance is no guarantee of future results."

Economics has never been a science - and it is even less now than a few years ago.

If we made an income pyramid out of a child's blocks, with each layer portraying $1,000 of income, the peak would be far higher than the Eiffel Tower, but almost all of us would be within a yard of the ground.