"If active managers win, it has to be at the expense of other active managers. And when you add them all up, the retur…"

"If assets are priced rationally, variables that are related to average returns, such as size and book-to-market equit…"

"Although size and book to market equity seem like ad hoc variables for explaining average stock returns, we have reas…"

"Firms that have a high BE/ME (a low stock price relative to book value) tend to have low earnings on assets. Converse…"

"The empirical successes of [the three-factor model] suggest that it is an equilibrium pricing model, a three-factor v…"

"Our results are disturbing in that, like Fama and French (1992), they suggest that traditional measures of risk do no…"

"There is no way to predict the price of stocks and bonds over the next few days or weeks. But it is quite possible to…"

"The wilderness begins at the edge of my body, at the edge of my consciousness, and extends to the edge of the univers…"

"I had always been aware that the Universe is sad; everything in it, animate or inanimate, the wild creatures, the sto…"

"This is not a man who sits down to "write a poem"; rather, some burden of understanding and feeling, some need to kno…"