Burton Malkiel Quotes

A blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by experts.

Trust in time rather than timing.

Never buy anything from someone who is out of breath.

Stupidity well packaged can sound like wisdom.

It's not that stock prices are capricious. It's that the news is capricious.

Index funds do not trade from security to security and, thus, they tend to avoid capital gains taxes.

The surest way to find an actively managed fund that will have top-quartile returns is to look for a fund that has bottom-quartile expenses.

Many of us economists who believe in efficiency do so because we view markets as amazingly successful devices for reflecting new information rapidly and, for the most part, accurately.

We conclude that hedge funds are far riskier and provide much lower returns than commonly supposed.

It's like giving up a belief in Santa Claus.