The Recent Market Run-up That Appreciated Run-of-the-

Econometrics May Be Defined As The Quantitative Analysis Of Actual Economic Phenomena Based On The Concurrent Development Of Theory And Observation, Related By Appropriate Methods Of Inference.

Mea Culpa, Mea Culpa. Mit And Wharton And University Of Chicago Created The Financial Engineering Instruments, Which, Like Samson And Delilah, Blinded Every Ceo. They Didn't Realize The Kind Of Leverage They Were Doing And They Didn't Understand When They Were Really Creating A Real Profit Or A Fictitious One.

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.

Profits Are The Lifeblood Of The Economic System, The Magic Elixir Upon Which Progress And All Good Things Depend Ultimately. But One Man's Lifeblood Is Another Man's Cancer.

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.