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

Paul Samuelson

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Paul Samuelson
Age: 94 †
Born: 1915
Born: May 15
Died: 2009
Died: December 13
Economist
University Teacher
Gary
Indiana
Paul Anthony Samuelson
Paul A. Samuelson
Well
Managers
Really
Hidden
Would
Investing
Logic
Market
Outperform
Exist
Remarkably
Perhaps
Suggest
Wells
Consistently

More quotes by Paul Samuelson

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When the economy was going up, [Milton Friedman and I] both gave the same advice, and when the economy was going down, we gave the same advice. But in between he didn't change his advice at all.
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Companies are not charitable enterprises: They hire workers to make profits. In the United States, this logic still works. In Europe, it hardly does.
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In this age of specialization, I sometimes think of myself as the last 'generalist' in economics, with interests that range from mathematical economics down to current financial journalism. My real interests are research and teaching.
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The failure of market catallactics in no way denies the following truth: given sufficient knowledge the optimal decisions can always be found by scanning over all the attainable states of the world and selecting the one which according to the postulated ethical welfare function is best. The solution 'exists' the problem is how to 'find' it.
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It isn't that greed's increased. What's increased is the realization that you've got a free field to reach out for what you'd like to do.
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An intriguing paradox of the 1990s is that it isn't called a decade of greed.
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Man does not live by GNP alone.
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Funeral by funeral, theory advances.
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I don't care who writes a nation's laws - or crafts its advanced treaties - if I can write its economics textbooks.
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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.
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Every good cause is worth some inefficiency.
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I couldn't reconcile what I was being taught at the university of Chicago, the lectures and the books I was being assigned, with what I knew to be true out in the streets.
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Let those who will write the nation's laws, if I can write its textbooks.
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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?
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I'm not sure most of the people that get caught up in the middle of a bubble can be described as irrational. It seems pretty rational to buy a house and flip it in the next few weeks at a profit when that's been happening for along time.
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Marshall's crime is to pretend to handle imperfect competition with tools only applicable to perfect competition.
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The stock market has predicted nine of the last five recessions.
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What good does it do a black youth to know that an employer must pay him $2 an hour if the fact that he must be paid that amount is what keeps him from getting a job?
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There is something in people you might even call it a little bit of a gambling instinct… I tell people investing should be dull. It shouldn't be exciting. Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.
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Two-thirds of a century after [The Road to Serfdom] got written, hindsight confirms how inaccurate its innuendo about the future turned out to be.
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