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But now inquiry is being made concerning these issues. First, can any believer enlist in the military? Second, can any soldier, even those of the rank and file or lesser grades who neither engage in pagan sacrifices nor capital punishment, be admitted into the church? No on both counts.

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Eugene Fama

People would be a lot more skeptical if they understood that there is an incredible amount of chance in the results that you observe for active managers. The distribution of outcomes is enormously wide-but that's exactly what you'd expect by chance with lots of active managers who hold imperfectly diversified portfolios. The really good portfolios contain a lot of really lucky picks, and the really bad portfolios contain a lot of really unlucky picks as well as some really bad ones.

Bad, Lots, Ones, People, Portfolios, Would Be
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I’d compare stock pickers to astrologers but I don’t want to bad mouth astrologers.

Astrologers, Astrology, Bad, Bad Advice, Investing, Mouth

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.

Among, Decision, Delivering, People, Risk, Winners

I take the market-efficiency hypothesis to be the simple statement that security prices fully reflect all available information.

Information, Investing, Market Efficiency, Prices, Security, Simple

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

Efficient, Good, Intrinsic, Intrinsic Value, Security, Time

I can't figure out why anyone invests in active management, so asking me about hedge funds is just an extreme version of the same question. Since I think everything is appropriately priced, my advice would be to avoid high fees. So you can forget about hedge funds.

Active, Advice, Avoid, Thinking, Would Be
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