Companies Are Not Charitable Enterprises: They Hire

Even Fans Of Actively Managed Funds Often Concede That Most Other Investors Would Be Better Off In Index Funds. But Buoyed By Abundant Self-confidence, These Folks Aren't About To Give Up On Actively Managed Funds Themselves. A Tad Delusional? I Think So. Picking The Best-performing Funds Is 'like Trying To Predict The Dice Before You Roll Them Down The Craps Table,' Says An Investment Adviser In Boca Raton, Fl. 'i Can't Do It. The Public Can't Do It.'

It Is Not Easy To Get Rich In Las Vegas, At Churchill Downs, Or At The Local Merrill Lynch Office.

Economics Has Never Been A Science - And It Is Even Less Now Than A Few Years Ago.

Economists Have Much To Be Humble About.

Suppose It Was Demonstrated That One Out Of Twenty Alcoholics Could Learn To Become A Moderate Social Drinker. The Experienced Clinician Would Answer, 'even If True, Act As If It Were False, For You Will Never Identify That One In Twenty, And In The Attempt Five In Twenty Will Be Ruined.' Investors Should Forsake The Search For Such Tiny Needles In Huge Haystacks.