Burton Malkiel Quotes.

A blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by experts.
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.
I have become increasingly convinced that the past records of mutual fund managers are essentially worthless in predicting future success. The few examples of consistently superior performance occur no more frequently than can be expected by chance.
The surest way to find an actively managed fund that will have top-quartile returns is to look for a fund that has bottom-quartile expenses.
It’s like giving up a belief in Santa Claus.
Index funds do not trade from security to security and, thus, they tend to avoid capital gains taxes.
We conclude that hedge funds are far riskier and provide much lower returns than commonly supposed.
Trust in time rather than timing.