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.

What we have seen of recent American action in the Pacific, the bombing of Tokyo and the engagements in the Coral Sea, off Midway Island and at Dutch Harbour, has been sufficient indication that America is beginning to discharge her supremely important duty in the Pacific.