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

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

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

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

Active management is a zero-sum game before cost, and the winners have to win at the expense of the losers.

After taking risk into account, do more managers than you’d see by chance outperform with persistence? Virtually every economist who studied this question answers with a resounding 'no.'

Cover her face

For us (Muslims) death is an incident: for them (the Europeans), the end.

The anger in the Brigade against those who fought the Republic in the rear was sharpened by reports of weapons, even tanks, being kept from the front and hidden for treacherous purposes.

He worked like hell in the country so he could live in the city, where he worked like hell so he could live in the country.

I'm ready for the 'gotcha' questions and they're already starting to come.

Modern science has its value in terms of utility, but it cannot open up existence to human experience.

Too often we underestimate the power of a touch.

The world has the habit of making room for the man whose actions show that he knows where he is going.

Negativland through rose colored glasses. If 'mice are from Mars,' Greek Buck is from Venus.

But laughter is weakness, corruption, the foolishness of our flesh.