Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.

If there's 10,000 people looking at the stocks and trying to pick winners, one in 10,000 is going to score, by chance alone, a great coup, and that's all that's going on. It's a game, it's a chance operation, and people think they are doing something purposeful... but they're really not.

Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn't.

You only need to make one big score in finance to be a hero forever.

What counts is what you do with your money, not where it came from.

Junk bonds prove there's nothing magical in a Aaa bond rating.

... Any pension fund manager who doesn't have the vast majority-and I mean 70% or 80% of his or her portfolio-in passive investments is guilty of malfeasance, nonfeasance or some other kind of bad feasance!

Arbitrage proof has since been widely used throughout finance and economics.