Eugene Fama

After costs, only the top 3% of managers produce a return that indicates they have sufficient skill to just cover their costs, which means that going forward, and despite extraordinary past returns, even the top performers are expected to be only as good as a low-cost passive index fund. The other 97% can be expected to do worse.

People are always saying that prices are too high. When they turn out to be right, we anoint them. When they turn out to be wrong, we ignore them. They are typically right and wrong about half the time.

It's about giving the people what they want. So many people have told me that they've made love to my records so what I've delivered this time is an album about sex. Pretty much every song has that theme. Straight no chasers, it's booty music!