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“The selective winnowing of time leaves only a few recognizable individuals behind for the historian to light on. Thus the historian who finds the human being more interesting than what the human being has done must inevitably endow the comparatively few individuals he can identify with too great an importance in relation to their time. Even so, I prefer this overestimate to the opposite method which treats developments as though they were the massive anonymous waves of an unhuman sea or pulverizes the fallible surviving records of human life into the grey dust of statistics.”

“The New Finance focused on the market's major systematic mistake. In failing to appreciate the strength of competitive forces in a market economy, it over estimates the length of the short run. In doing so, it overreacts to records of success and failure for individual companies, driving the prices of successful firms too high and their unsuccessful counterparts too low.”