The sad truth is that it is ...

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.
 See image
 Paul Samuelson

Quotes from the same author

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.
 See image
 Paul Samuelson
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.
 See image
 Paul Samuelson
Thousands of important and intelligent men have never been able to grasp the principle of comparative advantage or believe it even after it was explained to them
 See image
 Paul Samuelson
You know what happiness is: 'Having a little more money than your colleagues.' And that's not so tough in academic life.
 See image
 Paul Samuelson
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.
 See image
 Paul Samuelson