Business quotes

SIR – You began an article with the old saw “that half of all advertising budgets are wasted—the trouble is, no one knows which half” (“Change of track”, June 9th). The remark is frequently attributed by Britons to Lord Leverhulme, founder of Lever Brothers, and by Americans to John Wanamaker, who opened Philadelphia’s first department store. Though references to such a saying date from at least 1919, no authoritative reference has been found linking either man to it. This leads one to observe that at least half the attributions are false, the trouble is no one knows which half.

Professor Michael Mainelli
Executive chairman
Z/Yen Group

30 June 2012