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11 quotes by Eugene Fama

Eugene Fama Nobel Prize Laureate Eugene F. Fama in Stockholm, December 2013. Born (1939-02-14) February 14, 1939 (age 76) Boston, Massachusetts Nationality American Institution University of Chicago Field Financial economics School or tradition Chicago School of Economics Alma mater Tufts University University of Chicago Influences Merton Miller Contributions Fama–French three-factor model Efficient-market hypothesis Awards 2005...
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In an efficient market, at any point in time, the actual price of a security will be a good estimate of its intrinsic value.

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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... →

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State constitutions typically provide that the state first has to service its debt, then make it pension payments, and then pay for services. What we... →

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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... →

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

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Economies typically do not function well in hyperinflation. The real value of government debt might disappear, but the economy is likely to disappear... →

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An investor doesn't have a prayer of picking a manager that can deliver true alpha.

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

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I don't know what a credit bubble means. I don't even know what a bubble means. These words have become popular. I don't think they have... →

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People are always saying that prices are too high. When they turn out to be right, we anoint them. When they turn out to be wrong, we ignore them.... →

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People don't walk away from their homes unless they can't make the payments. That's an indication that we are in a recession.

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