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

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

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.

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

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.'

Travellers understand, instinctively and by experience, that travel and adventure change and elongate time, even while navigating the deadlines of airline and train departures.

We work in the dark - we do what we can - we give what we have. Our doubt is our passion, and our passion is our task. The rest is the madness of art.

Flying high in the dark sky, crazy and free, I was happy visiting the worlds and giving death or madness to the people. Either was liberation.

Many have came before you and many will come after you, but none will ever be you. Some may even try to duplicate your characteristics, but they'll never succeed because you are unique.

Sleepwalking down the hall like a firefly in the fog.

A speech is poetry: cadence, rhythm, imagery, sweep! A speech reminds us that words, like children, have the power to make dance the dullest beanbag of a heart.

Even mistakes can be wonderful.

If I wanted to be president, and if I were ever serious about it, the biggest thing I would have going for me is that I'm a conservative.

Almost all the moral good which is left among us is the apparent effect of physical evil.

Writing is thought crystalized on a piece of paper, which can then be reviewed.