Eugene Fama Good Quotations

After costs, only the top 3% of managers produce a return that indicates they have sufficient skill to just cover their costs, which means that going forward, and despite extraordinary past returns, even the top performers are expected to be only as good as a low-cost passive index fund. The other 97% can be expected to do worse.

Debates go on to this day about what caused the Great Depression. Economics is not very good at explaining swings in economic activity.

In an efficient market, at any point in time, the actual price of a security will be a good estimate of its intrinsic value.