Is SETI a Waste of Time?

IMHO SETI is a worthwhile effort because the extreme value of a hit, multiplied by the significant (though small) apparent liklihood of success, divided by the very small cost to society, compares very favorably with the way we spend most of our resources. I say this on the basis of having a degree in astronomy, having considered the Drake equation and other applicable tidbits, and following the field for decades.

years ago, I read that Marconi spend years investigating hi-frequency radiod (which in his day meant 100 MHz and up). Supposedly, while cruising in his radio-equipped ship, he picked up some signals not of terrestrial origin. Anybody know what conclusions he reached? Tesla claimed to have picked up signals from mars (but knowing his mental state, this seems open to doubt).
Are there any other reports of such signals , from the early days of radio? my guess is, the aliens have picked up our signals (“I LOVE LUCY”) and have decided that we are hopeless-so they have opted not to contact us.

A case where it’s far from obvious that the story was anything other than a press fantasy in the first place. There’s certainly a whole wave of newspaper stories about Marconi and signals from Mars in the early Twenties, many of which purport to quote him on the subject, but I don’t know of any more direct evidence that there was anything to these. While he may have made some general speculative remarks about how you might detect transmissions from other planets, which were then inflated and taken out of context, I’m not even sure of that.
FWIW, the later biography/memoir by his daughter (Degna Marconi, My Father, Marconi, 1962; Guernica, 2001) claims that the whole affair was indeed invented by the press and that he privately found it all very amusing.
Still, it was all very sensational stuff at the time and the story even found its way into films.

It’s far more definite that Tesla had earlier though he was detecting extraterrestrial signals, since this is recorded in his research notebooks and he wrote signed newspaper articles on the subject. Which is exactly the sort of documentary evidence missing in the later affair. But, in this instance, it’s not clear to me that this wasn’t pure self-delusion on his part. Even if he was actually detecting intelligent signals, a possible source - habitually downplayed and ignored by Tesla - has been suggested: Marconi!
The Tesla story is almost certainly part of the reason that the newspapers ran so enthusiatically with the later Marconi claims: there was already a well-worn template for this type of fad.