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.

Many of Judy Blume's books - which I devoured when I was growing up and where I found characters that were believable because they were a lot like me - caused considerable consternation when they were first published, but now they're widely accepted as an essential part of the children's literary canon.

If a man made himself an expert in any particular branch of human activity, there would result the strong tendency that a peculiar aptitude towards the same branch would be found among some of his descendants.