Active management is a zero-sum game before cost, and the winners have to win at the expense of the losers.

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.

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

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.'

Blessed are the weird people: poets, misfits, writersmystics, painters, troubadoursfor they teach us to see the world through different eyes.

Thinking of a series of dreamsWhere the time and the tempo flyAnd there's no exit in any direction'Cept the one that you can't see with your eyes

And the game of dominoes is much like life: You gotta play the bones you’ve pulled. It don’t matter if you got seven doubles in your damn hand.

Apply expectations appropriately. Do not assume [all] adults are as grown up and mature as they should be, or appear to be.

I never think of the future. It comes soon enough.

Riots are the voices of the unheard.

We are like creatures so dazzled with our own technological prowess that we no longer think it necessary to consider the obvious.

Matt Cooke may be the worst fighter in the history of the National Hockey League.

Every married couple has disputes from time to time, and in every good marriage, an attempt is made to overcome the dispute.

You can see the goldenrod, that most tenacious and pernicious and beauteous of all New England flora, bowing away from the wind like a great and silent congregation.