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— Eugene Fama"In an efficient market at any point in time the actual price of a security will be a good estimate of its intrinsic value."
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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
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Although efficient markets people still go around saying there is a "mountain" of evidence supporting their hypothesis, the truth of the matter is that it's a very old mountain that's now eroding rapidly into the sea.
— Robert Haugen
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