The distribution of the market is fat-tailed relative to the normal distribution. . . For passive investors, none … - Eugene Fama

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I do think in the present state of both the Church and society we have a long way to go toward accepting and loving others that look or act differently than we do.

Eugene Fama

The distribution of the market is fat-tailed relative to the normal distribution. . . For passive investors, none of this matters, beyond being aware that outlier returns are more common than would be expected if return distributions were normal.

Investing, Market, Matter, Passive, Returns, Would Be

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I’d compare stock pickers to astrologers but I don’t want to bad mouth astrologers.

Astrologers, Astrology, Bad, Bad Advice, Investing, Mouth

Markets are efficient, but there are different dimensions of risk and those lead to different dimensions of expected returns. That's what people should be concerned with in their investment decisions and not with whether they can pick stocks, pick winners and losers among the various managers delivering basically the same product.

Among, Decision, Delivering, People, Risk, Winners

I take the market-efficiency hypothesis to be the simple statement that security prices fully reflect all available information.

Information, Investing, Market Efficiency, Prices, Security, Simple

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

Efficient, Good, Intrinsic, Intrinsic Value, Security, Time

I can't figure out why anyone invests in active management, so asking me about hedge funds is just an extreme version of the same question. Since I think everything is appropriately priced, my advice would be to avoid high fees. So you can forget about hedge funds.

Active, Advice, Avoid, Thinking, Would Be