…now get a load of the Efficient Majors Hypothesis, or EMH. A sample:
EUGENE: All right, it’s worth asking what those fees for active management have actually delivered to the investors. I ran a statistical analysis on the National League all the way back to 1876. Do you know that in every single season, when you rank the teams by their records, fully one-half of them fall below the median team? What the heck are these owners paying for?
It’s a satirical piece, of course, but by the end I had half-convinced myself.