Markteffizienz
«It is a zero-sum game, assuming that we ignore for the moment the significant issue of cost, where one investor’s gain is another investor’s loss. For every winning position, there has to be a corresponding losing position, relative to the market. Factoring the costs of investing, it becomes a significantly less-than-zero-sum game.»
Tim Hale
«People exaggerate their own skills. They are overoptimistic about their prospects and overconfident about their guesses, including which [investment] managers to pick.»
Professor Richard Thaler, University of Chicago
«I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities. This was a rewarding activity, say forty years ago, when Graham and Dodd was first published; but the situation has changed...[Today] I doubt whether such extensive efforts will generate sufficiently superior selections to justify their costs...I'm on the side of the "efficient" market school of thought.»
Benjamin Graham, legendary investor
«The deeper one delves, the worse things look for actively managed funds.»
William Bernstein, The Intelligent Asset Allocator