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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
Recession
Walk
People
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" I don't believe anyone wants to hear what I have to say. "
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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
Top
Going
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" An investor doesn't have a prayer of picking a manager that can deliver true alpha. "
Eugene Fama
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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
Day
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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
Credit
Know
Meaning
" 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
Ignore
Always
Time
" 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
Debt
Value
Government
" 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
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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
Good
Price
Will