We Are Like Highly Trained Athletes, Who

Self-deception Ultimately Explains Japan's Plight. The Japanese Have Never Accepted That Change Is In Their Interest - And Not Merely A Response To U.s. Criticism.

Let Those Who Will Write The Nation's Laws, If I Can Write Its Textbooks.

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.

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.

This Message (that Attempting To Beat The Market Is Futile) Can Never Be Sold On Wall Street Because It Is In Effect Telling Stock Analysts To Drop Dead.