Eugene Fama

In the long run, the market always wins.

Diversification is the only free lunch in finance.

I never claimed markets are perfectly efficient; just mostly so.

Economics is the study of choice under scarcity.

The random walk theory explains why active management fails.

Investors should focus on assets, not predictions.

Macroeconomic forecasting is a fool's errand.

The CAPM is a starting point, not the end.

Risk is what you don't know you don't know.

Efficient markets mean no free lunches.

I prefer data to stories.

The market's wisdom comes from millions of minds.

Bubbles are hard to identify in real time.

Finance theory has practical implications for everyone.

Patience is the investor's greatest virtue.

The EMH is testable and has held up well.

Don't fight the tape; follow the price.

Academic finance bridges theory and practice.

Volatility is not the same as risk.

Markets adapt quickly to new information.