After taking risk into account, do more managers than you’d see by chance outperform with persistence? Virtually every economist who studied this que…

- 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 pu…

- Eugene Fama

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

- Eugene Fama

Markets are efficient, but there are different dimensions of risk and those lead to different dimensions of expected returns. That's what people shou…

- Eugene Fama

I don't even know what that means. People who get credit have to get it from somewhere. Does a credit bubble mean that people save too much during th…

- 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 t…

- Eugene Fama

People would be a lot more skeptical if they understood that there is an incredible amount of chance in the results that you observe for active manag…

- Eugene Fama

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

- Eugene Fama

I don't think the Federal Reserve has any role in how high rates are right now. I don't understand why everyone is paying attention to this tapering.…

- Eugene Fama