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Quote by Paul Samuelson

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

Quote by Paul Samuelson

Author

Paul Samuelson was an American economist renowned for his contributions to the field of economics. Born on May 15, 1915, and passing away on December 13, 2009, Samuelson was a significant figure in modern economics. His book 'Economics' has been widely used as a textbook in universities. more

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“The debate can be put in the form of the question: Resolved, that the best of money managers cannot be demonstrated to be able to deliver the goods of superior portfolio-selection performance. Any jury that reviews the evidence, and there is a great deal of relevant evidence, must at least come out with the Scottish verdict: Superior investment performance is unproved.”

Able Form Deals Evidence Performances Investment Investing Debate Superiors Managers Goods Reviews Relevant Selection Jury Scottish Verdict Portfolios Superior Performance

Author:Paul Samuelson

“Anyone with special abilities earns a differential return on that flair, which we economists call a rent. Those few with extraordinary P.Q. (Performance Quotient) will not give away such rent to the Ford Foundation or the local bank trust department. They have too high an I.Q. for that.”

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“The sad truth is that it is precisely those who disagree most with the hypothesis of efficient market pricing of stocks, those who pooh-pooh beta analysis and all that, who are least able to understand the analysis needed to test that hypothesis.”

Able Needed Truth Is Tests Investing Analysis Disagree Efficient Hypothesis Sad Truth Pricing Beta Efficient Markets

Author:Paul Samuelson

“First, those who disagree with market efficiency simply assert that it stands to common sense that greater effort to get facts and greater acumen in analyzing those facts will pay off in better performance somehow measured. (By this logic, cure for cancer must have been found by 1955).”

Firsts Has Beens Facts Found Common Effort Pay Greater Logic Performances Investing Cancer Common Sense Cures Disagree Efficiency Analyzing Acumen Market Efficiency

Author:Paul Samuelson

“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.”

Knows Men Doe School Air Claims Investing Tendencies Fund Statistics Performers Disagree Efficiency Alas Insignificant Anecdotes Dissertation Market Efficiency

Author:Paul Samuelson

“It's human nature to find patterns where there are none and to find skill where luck is a more likely explanation (particularly if you're the lucky manager).”

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“Mutual fund manager performance does not persist and the return of stock picking is zero.”

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Book:The Four Pillars of Investing

Source: The Four Pillars of Investing

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“99% of fund managers demonstrate no evidence of skill whatsoever.”

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“When it comes to fund managers and market strategists, this year's hero usually turns into next year's zero.”

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Book:The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between

Source: The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between