Investing Should Be More Like Watching Paint

Marshall's Crime Is To Pretend To Handle Imperfect Competition With Tools Only Applicable To Perfect Competition.

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.'

Investing Is Like Waiting For Paint Dry And Grass Grow So. If You Like Fun, Let Handle 800 Usd And Headed To Las Vegas

The Failure Of Market Catallactics In No Way Denies The Following Truth: Given Sufficient Knowledge The Optimal Decisions Can Always Be Found By Scanning Over All The Attainable States Of The World And Selecting The One Which According To The Postulated Ethical Welfare Function Is Best. The Solution 'exists'; The Problem Is How To 'find' It.

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