  QCD at finite chemical potential is analytically investigated in the region
of large bare fermion masses. We show that, contrary to the general wisdom, the
phase of the fermion determinant is irrelevant at zero temperature. However if
the system is put at finite temperature, the contribution of the phase is
finite. We also discuss on the quenched approximation and suggest that the
origin of the failure of this approximation in finite density QCD could relay
on the fundamental role that Pauli exclusion principle plays in this case.
