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

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.

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.'

Why, you are a man of heart!""Sometimes, " replied Phileas Fogg, quietly. "When I have the time.

Work with "what is" rather than "what if" and you will move towards "what can be.

You can't ultimately dodge defeat by winning close elections.

Fifteen hundred years ago, Constantine, who murdered his own wife and children, started the Christian religion.

Did you hear that? I didn't hear anything. Put that question another way.

But he whose inborn worth his acts commend, Of gentle soul, to human race a friend.

A film is the reflection of the soul of its creator.

I find it difficult to explain, but I'm quite ashamed of being an actress.

I assumed that everything must yield to me, that the entire universe had to flatter my whims, and that I had the right to satisfy them at will.

Comedy defends the commonplace; tragedy explodes it.