An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.
It used to be the case that investors would try and 'win' in the markets by out thinking other investors. In this publication from Dimensional Fund Advisers the proposition is made that science and logic will win the day, through the application of low cost, consistent rules, and allowing the market to deliver the returns over time that you are owed.
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An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.