Statements such as these are made with alarming frequency by investment professionals. In some cases, subtle and sophisticated reasoning may be involved. More often (alas), the conclusions can only be justified by assuming that the laws of arithmetic have been suspended for the convenience of those who choose to pursue careers as active managers.
William F Sharpe, "The arithmetic of active management." Financial Analysts Journal 47.1 (1991): 7-9.
William F Sharpe, "The arithmetic of active management." Financial Analysts Journal 47.1 (1991): 7-9.
Source: The Four Pillars of Investing (2002), Chapter 13, Defining Your Mix, p. 246.
“Should not the Society of Indexers be known as Indexers, Society of, The?”
Bookends (1990), cited from Jeffrey Bernard is Unwell; Mr. And Mrs. Nobody; and, Bookends (Harmondsworth: Penguin, 1992) p. 135
"School Spirit"
Lyrics, The College Dropout (2004)
“The factor of distance may also stand for an index of information about export markets.”
Source: Shaping the world economy, 1962, p. 263
The Ballot or the Bullet (1964), Speech in Cleveland, Ohio (April 3, 1964)
Context: A segregated school system produces children who, when they graduate, graduate with crippled minds. But this does not mean that a school is segregated because it’s all black. A segregated school means a school that is controlled by people who have no real interest in it whatsoever. Let me explain what I mean. A segregated district or community is a community in which people live, but outsiders control the politics and the economy of that community. They never refer to the white section as a segregated community. It’s the all-Negro section that’s a segregated community. Why? The white man controls his own school, his own bank, his own economy, his own politics, his own everything, his own community; but he also controls yours. When you’re under someone else’s control, you’re segregated.
Remarks by the President at a Drop-By of 21st Century Policing Event https://www.whitehouse.gov/the-press-office/2016/07/22/remarks-president-drop-21st-century-policing-event (22 July 2016). Quoted in: "Grinning Obama JOKES during statement on Munich carnage as he shifts gears to say he'll miss daughter Malia when she leaves the nest for college" http://www.dailymail.co.uk/news/article-3703975/Grinning-Obama-JOKES-Munich-carnage-press-conference-shifts-gears-talk-daughter-Malia-leaving-nest-college.html by David Martosko, Daily Mail (22 July 2016).
2016
Context: Our hearts go out to those who may have been injured. It’s still an active situation. And Germany is one of our closest allies, so we are going to pledge all the support that they may need in dealing with these circumstances. It's a good reminder of something that I've said over the last couple of weeks, which is our way of life -- our freedoms, our ability to go about our business every day, raising our kids and seeing them grow up and graduate from high school -- and now about to leave their dad -- (laughter) -- I'm sorry, I'm getting a little too personal -- getting a little too personal there -- (laughter) -- that depends on law enforcement. It depends on the men and women in uniform every single day who are, under some of the most adverse circumstances imaginable at times, making sure to keep us safe.
1963, Third State of the Union Address
