Second, they [those who disagree with market efficiency]…
![“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…” quote by Paul Samuelson](https://sms4smile.com/q/img-quotes/9d4/paul-samuelson-9078_air_second-they-those-who-disagree-with-mark_2644032.png)
“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.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Anecdotal evidence of superior investors is unreliable; statistical analysis often shows no significant outperformance.
In simple terms: Anecdotes don’t prove skill; data matters.
Key Takeaway
Rely on rigorous data, not stories.
Themes
finance
efficiency
anecdotes
statistics
Mood
skeptical
analytical
Type
academic
critical
When to use this quote
- investment research
- portfolio evaluation
- fund performance analysis
Key Concepts
market efficiency
statistical significance
selection bias
Questions to Reflect On
- How can we better differentiate skill from luck?
- What statistical methods improve performance assessment?
A Different Perspective
Anecdotes can mislead without proper context.