If finance academics were believed to be saying that "the value of investment advice is zero," it is no wonder that, as the economist Burton Malkiel of Princeton University put it, proponents of efficient-market theory were "greeted in some Wall Street quarters with as much enthusiasm as Saddam Hussein addressing a meeting of the B'nai B'rith" (Malkiel 1996, p. 159). The investment adviser Peter Bernstein "found the new theories emerging from the universities during the 1950s and the 1960s alien and unappealing, as did most other practitioners. What the scholars were saying seemed ... to demean my profession as I was practicing it."

Donald MacKenzie, An Engine, Not a Camera, loc. 354