Eugene Fama

“I don't believe anyone wants to hear what I have to say.”

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

“If you go back to the late '50s, there really was nothing called "academic finance." Well, there was something being taught in business schools as finance, but it really had no strong research underpinnings.”

“The problem that people don't understand is that active managers, almost by definition, have to be poorly diversified. Otherwise, they're not really active. They have to make bets. What that means is there's a huge dispersion of outcomes that are totally consistent with just chance. There's no skill involved it. It's just good luck or bad luck.”

“The investors who generate big returns over five years, the guys they write books about, are supposed to keep winning, right? Well, they don't.”

“I'm an extreme libertarian, but I realize we're in a democracy, and in a democracy, people can have views of all stripes, and there's no reason to argue about it.”

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