Thousands of important and intelligent men have never been able to grasp the principle of comparative advantage or believe it even after it was explained to them

A growing nation is the greatest ponzi game ever contrived.

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."

Contrary to what many skeptics had earlier believed, the Soviet economy is proof that a socialist command economy can function and even thrive.

Still, I figure we shouldn't' discourage fans of actively managed funds. With all their buying and selling, active investors ensure the market is reasonably efficient. That makes it possible for the rest of us to do the sensible thing, which is to index. Want to join me in this parasitic behavior? To build a well-diversified portfolio, you might stash 70 percent of your stock portfolio into a Wilshire 5000-index fund and the remaining 30 percent in an international-index fund.

You could be disqualified for a job [at Harvard] if you were either smart or Jewish or Keynesian. So what chance did this smart, Jewish, Keynesian have?

Every good cause is worth some inefficiency.