If we observe the performance of only those funds that remain active, we will tend to find that the average performance of the surviving funds exceeds that of the market.

In real-world Finance, they don't pay for elegance. They pay for power - predictive power.

A comprehensive list of factors brings predictive stability and predictive stability and predictive power.

Less volatile stocks tend to have negative abnormal profits; more volatile stocks tend to have positive abnormal profits.

The cheaper the stock, the better the outlook for future returns.

When you buy a lottery ticket, you don't know how tickets have been sold. But sold they have been. And there is an underlying distribution for the game.

CAPM also makes use of what is called a "definitional identity." This is something that is automatically true, simply because of the way things have been defined.

So you see, in the end, it is nearly certain that the power of prediction must triumph over the arrogance of elegance.

Anyway, I'm sort of glad they've got the atomic bomb invented. If there's ever another war, I'm going to sit right the hell on top of it. I'll volunteer for it, I swear to God I will.

The awful part of the writing game is that you can never be sure the stuff is any good.

And so we have to be careful with looking at additional stimulus that we don't provoke an increase in the bond rate and then offset a lot of the stimulus we've already got.

I gleaned more practical psychology and psychiatry from the Bible, than from all other books!

Minorities have never been given their rights. They have always had to wage a political and legal battle to win them.

The light of Greece opened my eyes, penetrated my pores, expanded my whole being.

The worst derangement of the spirit is to believe things because we want them to be so, not because we have seen them for what they are.

I'm very phobic about flying, but I'm also drawn to it.

A song that sounds simple is just not that easy to write. One of the objectives of this record was to try and write melodies that continue to resonate.

The rewards go to the risk-takers, those who are willing to put their egos on the line and reach out to other people and to a richer, fuller life for themselves.