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Even though running is physically straining, it's mentally refreshing. Especially when you feel like you've accomplished something.

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Eugene Fama

The efficient market theory is one of the better models in the sense that it can be taken as true for every purpose I can think of. For investment purposes, there are very few investors that shouldn't behave as if markets are totally efficient.

Investment, Investors, Market, Purpose, Taken, Thinking
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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
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