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Eugene Fama Quotes


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Quotes by Eugene Fama

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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.

~Eugene Fama

Topics: Actual Any Efficient Estimate Good Intrinsic Market Point Price Security Time Value Will

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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 reason to argue about it.

~Eugene Fama

Topics: About Argue Democracy Extreme Libertarian No Reason People Realize Reason Stripes Views

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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.

~Eugene Fama

Topics: About Activity Caused Day Debates Depression Economic Economic Activity Economics Explaining Go Good Great Great Depression Swings Very

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

~Eugene Fama

Topics: Alpha Deliver Investor Manager Picking Prayer True

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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 forward, and despite extraordinary past returns, even the top performers are expected to be only as good as a low-cost passive index fund. The other 97% can be expected to do worse.

~Eugene Fama

Topics: After Costs Cover Despite Even Expected Extraordinary Forward Fund Going Good Just Low-Cost Managers Means Only Other Passive Past Performers Produce Return Returns Skill Sufficient Top Which Worse

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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 don't know is whether that order will be enforced. And ultimately, the busted state is going to be looking to the federal government for a bailout. Think Greece, but on a much bigger scale.

~Eugene Fama

Topics: Bailout Bigger Busted Constitutions Debt Enforced Federal Federal Government First Going Government Greece Know Looking Make Much Order Pay Payments Pension Provide Scale Service Services State Then Think Ultimately Whether Will

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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 with it.

~Eugene Fama

Topics: Debt Disappear Economies Economy Function Government Likely Might Real Real Value Value Well

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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 any meaning.

~Eugene Fama

Topics: Any Become Bubble Credit Even Know Meaning Means Popular Think Words

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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. They are typically right and wrong about half the time.

~Eugene Fama

Topics: About Always Half Half The Time High Ignore Out People Prices Right Right And Wrong Saying Them Time Too Turn Wrong

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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.

~Eugene Fama

Topics: Away Homes Indication Make Payments People Recession Unless Walk

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Biography

Nationality: American

Type: Economist

Born: February 14th, 1939

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