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
I take the market-efficiency hypothesis to be the simple statement that security prices fully reflect all available information. — Eugene Fama
Inefficient markets, generous returns, raw materials, mispricings, differential skill — Howard Marks
There are inefficiencies in the market, but they’re not easy to demonstrate, and I think that needs to be done before one shifts money in that direction. — Edward O. Thorp
Employ every economy consistent with thoroughness, accuracy and reliability. — Arthur Nielsen
Employ every economy consistent with thoroughness, accuracy and reliability. — Arthur C. Nielsen
As in most markets, there are areas of overvaluation and of undervaluation, with the bulk of shares appearing to hover in the area of fair value relative to their prospects. — Bill Miller
Investor psychology, priced anywhere, fundamentals — Howard Marks
The Efficient Markets Hypothesis fails because humans are herd animals, not independent rational actors. Thus the best investors tend to be antisocial and contrarian. — Naval Ravikant
Market prices are often wrong. Because access to information and the analysis thereof are highly imperfect, market prices are often far above or far below intrinsic values. — Howard Marks
Investing favors the dispassionate. Markets efficiently separate emotional investors from their money. — Naval Ravikant
Skillful investors, risk, stability, dependability of value, relationship between price and value — Howard Marks
The stock market is filled with individuals who know the price of everything, but the value of nothing. — Philip Arthur Fisher
The stock market is filled with individuals who know the price of everything, but the value of nothing. — Phillip Fisher
Wall Street sees a social fabric or social contract as inefficiencies, which need to be removed. — David Korten
Short Market Efficiency Quotes
In the short run, the market is a voting machine, but in the long run it is a weighing machine. — Benjamin Graham
Fundamentals, value, price, successful investing — Howard Marks
I've heard it said that an economist is a portfolio manager who never marks to market. — Howard Marks
Greater fool theory, valuation, holding the bag — Howard Marks
Awareness, price and value, successful risk dealing — Howard Marks
The market is a democracy in which every penny gives a right to vote. — Ludwig von Mises
Markets go up not because there is abundance of buyers, but because there is a lack of sellers. — Rakesh Jhunjhunwala
Customers will never love a company until the employees love it first.
Efficient Markets Quotes
I believe the market accurately reflects not the truth, which is what the efficient market hypothesis says, but it accurately and efficiently reflects everybody's opinion as to what's true. — Howard Marks
Corruption is government intrusion into market efficiencies in the form of regulations. — Milton Friedman
Nobody spends somebody else's money as carefully as he spends his own. Nobody uses somebody else's resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property. — Milton Friedman
Marketing is no longer about the stuff you make, but about the stories you tell.
Blockchains will replace networks with markets. — Naval Ravikant
Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices — Warren Buffett
The efficient market theory is one of the better models in the sense that it can be taken as true for every purpose I can think of. For investment purposes, there are very few investors that shouldn't behave as if markets are totally efficient. — Eugene Fama
The stock market is a device for transferring money from the impatient to the patient.
The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient. — Warren Buffett
A vital function of the free market is to penalize inefficiency and misjudgment and to reward efficiency and good judgment. By distorting economic calculations and creating illusory profits, inflation will destroy this function. — Henry Hazlitt
I have great, great confidence in our capital markets and in our financial institutions. Our financial institutions, banks and investment banks, are strong. Our capital markets are resilient. They're efficient. They're flexible. — Henry Paulson
The market is a mechanism for sorting the efficient from the inefficient, it is not a substitute for responsibility. — Charles Handy
Economic Efficiency Quotes
Globalization is incredibly efficient but also so far incredibly unjust. — Pascal Lamy
Justice is the first virtue of social institutions, as truth is of systems of thought. A theory however elegant and economical must be rejected or revised if it is untrue; likewise laws and institutions no matter how efficient and well-arranged must be reformed or abolished if they are unjust. — John Rawls
We have to shift our emphasis from economic efficiency and materialism towards a sustainable quality of life and to healing of our society, of our people and our ecological systems. — Janet Holmes a Court
Sell the problem you solve, not the product.
The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty. — John Maynard Keynes
The key words of violent economics are urbanization, industrialization, centralization, efficiency, quantity, speed. . . . The problem of evolving a nonviolent way of economic life [in the West] and that of developing the underdeveloped countries may well turn out to be largely identical. — E. F. Schumacher
Management is efficiency in climbing the ladder of success — Stephen Covey
Be the best. It's the only market thats not crowded.
Our rockets can find Halley's comet, and fly to Venus with amazing accuracy, but side by side with these scientific and technical triumphs is an obvious lack of efficiency in using scientific achievements for economic needs. Many Soviet household appliances are of poor quality. — Mikhail Gorbachev
The barriers that renewables and efficiency face come less from our living in a capitalist market economy and more from not taking market economics seriously. — Amory Lovins
In order to spur economic growth we need to put the brakes on out of control spending, lower Ohioans tax burden and create a most efficient and effective government. — Kenneth Blackwell
In order to spur economic growth we need to put the brakes on out of control spending, lower Ohioans tax burden and create a most efficient and effective government. — Ken Blackwell
Business Efficiency Quotes
The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency. — Bill Gates
Automation applied to an inefficient operation will magnify the inefficiency. — Bill Gates
Create flow. Monetize flow. Then add friction. — Alex Hormozi
The best advice I can give on building community online is... "Be the community you want to have".
Two big lessons: 1: Never use a token you created as collateral. 2: Don't borrow if you run a crypto business. Don't use capital 'efficiently.' Have a large reserve. Binance has never used BNB for collateral, and we have never taken on debt. — Changpeng Zhao
You want a business so simple an idiot could run it. Then, run it better than an idiot. — Alex Hormozi
Would I employ you if you were obese? No I would not. You would give the wrong impression to the clients of my business. I need people to look energetic, professional and efficient. If you are obese you look lazy. — Sayings
It's not about how to get started; it's about how to get noticed.
For CEOs today, it's all about acheieving growth and efficiency through innovation. It's not about product innovation so much anymore as about innovating business models. process, culture and management. — Ginni Rometty
Japan, not only a mega-busy city that thrives on electronics and efficiency, actually has an almost sacred appreciation of nature. One must travel outside of Tokyo to truly experience the 'old Japan' and more importantly feel these aspects of Japanese culture. — Apolo Ohno
To deem us simply enemies is to lose the true flavor of our relationship. It was more like the two of us entered into a business partnership in order to more efficiently pursue our mutual interest of hating each other. — Patrick Rothfuss
The formation of the News America Publishing Group will lead to greater editorial excitement, new business opportunities and greater efficiencies and coordination. — Peter Chernin
Make your marketing so useful people would pay for it.
Markets are efficient, but there are different dimensions of risk and those lead to different dimensions of expected returns. That's what people should be concerned with in their investment decisions and not with whether they can pick stocks, pick winners and losers among the various managers delivering basically the same product. — Eugene Fama
Second, they [those who disagree with market efficiency] always claim they know a man, a bank, or a fund that does do better. Alas, anecdotes are not science. And once Wharton School dissertations seek to quantify the performers, these have a tendency to evaporate into the air - or, at least, into statistically insignificant t-statistics. — Paul Samuelson
All you need is the best product in the world, the most efficient production in the world and global marketing. — Akio Morita
We do not have free market capitalism in America; we have crony capitalism. There is a huge difference between free market capitalism that democratizes a country and makes us more efficient and prosperous and corporate crony capitalism. — Robert F. Kennedy, Jr.
Innovation must lead infrastructure for a simple but compelling reason: Innovation produces new types of products and markets, and it is virtually impossible to know how to run those markets efficiently before they are created. — Myron Scholes
From the time I first understood economic principles, I was always concerned also that any system be operated on an efficient basis, which meant decentralization because knowledge is not concentrated anywhere. It's based on motivation, and so these are the advantages of, say, the cautious case for capitalism, that the market system is efficient. — Kenneth Arrow
The sad truth is that it is precisely those who disagree most with the hypothesis of efficient market pricing of stocks, those who pooh-pooh beta analysis and all that, who are least able to understand the analysis needed to test that hypothesis. — Paul Samuelson
I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them. — George Soros
I have a name for people who went to the extreme efficient market theory-which is "bonkers". It was an intellectually consistent theory that enabled them to do pretty mathematics. So I understand its seductiveness to people with large mathematical gifts. It just had a difficulty in that the fundamental assumption did not tie properly to reality. — Charlie Munger
Value investing is predicated on the efficient market hypothesis being wrong. — Seth Klarman
City planning finds its validation in the intuitive recognition that a burgeoning market society can not be trusted to produce spontaneously a habitable, sanitary, or even efficient city, much less a beautiful one. — Murray Bookchin
The state owned monopolies are among the greatest millstones round the neck of the economy. Liberals must stress at all times the virtues of the market, not only for efficiency but to enable the widest possible choice. Much of what Mrs Thatcher and Sir Keith Joseph say and do is in the mainstream of liberal philosophy. — Jo Grimond
The reason the U.S. lags so badly is that we have obsolete rules that favor big over small, supply over efficiency, and incumbents over new market entrants. — Amory Lovins
Search, a marketing method that didn't exist a decade ago, provides the most efficient and inexpensive way for businesses to find leads. — John Battelle
If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system? — Joseph Stiglitz
The argument for the free market is a complicated and sophisticated one and depends on demonstration of secondary effects. I have confidence market efficiency will win out. — Milton Friedman
There is no other proposition in economics that has more solid empirical evidence supporting it than the Efficient Market Hypothesis... In the literature of finance, accounting, and the economics of uncertainty, the EMH is accepted as a fact of life. — Michael Jensen
First, those who disagree with market efficiency simply assert that it stands to common sense that greater effort to get facts and greater acumen in analyzing those facts will pay off in better performance somehow measured. (By this logic, cure for cancer must have been found by 1955). — Paul Samuelson
The United States has the most sophisticated financial markets in the world, which does not leave much room to maneuver. But it also offers investors the greatest access to information and the ability to execute trades quickly and efficiently. So it is a mixed bag of opportunity. — Andrew Lo
Seven habits that help produce the anything-but-efficient markets that rule the world.
1. Think short term.
2. Be greedy.
3. Believe in the greater fool
4. Run with the herd.
5. Overgeneralize
6. Be trendy
7. Play with other people's money — Paul Krugman
Oil replacements and then efficiencies in engines and housing and the way we build houses is a very interesting market. — Vinod Khosla
By elevating the dictum of the market to the role of the sole criterion of rationality and efficiency, economics denies even all "respectability" to the distinction between essential and non-essential consumption, between productive and unproductive labor, between actual and potential surplus. — Paul A. Baran
If I subscribed to the efficient market theory I would still be delivering papers — Warren Buffett
Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency. — Ben Bernanke
You have to understand as a marketer that consumers are functioning in the age of efficiency. — Mitch Joel
Haitian rice farmers are quite efficient, but they can't compete with U.S. agribusiness that relies on a huge government subsidy, thanks to Ronald Reagan's free market enthusiasms. — Noam Chomsky
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. — Burton Malkiel
The protection of private property does more than promote market efficiency; it enhances the level of human freedom in the most intimate and personal parts of our lives. — Richard Allen Epstein
Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day. — Warren Buffett
The free market is not only a more efficient decision maker than even the wisest central planning body, but even more important, the free market keeps economic power widely dispersed. — Milton Friedman
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