Governments and large institutions are losing control over the transmittal of information, with every citizen now capable of becoming a sort of publisher. It's no coincidence that the Berlin Wall fell just as cheap copiers, faxes, and early email systems came into widespread use. As the cost of Internet publishing continues to drive toward zero, other walls will fall.
Michael Milken in "The Helical Ride to Global Prosperity" from Forbes ASAP Magazine (10/4/99)We are all swimming on an investment beach roiled by waves of noise. Be very careful you don't mistake a line of rogue waves for the turning of the tide.
William J. Bernstein in Historical Returns--Signal or Noise? from Efficient Frontier (September 1999)
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