A Quote by Eugene Fama

Active management is a zero-sum game before cost, and the winners have to win at the expense of the losers. — © Eugene Fama
Active management is a zero-sum game before cost, and the winners have to win at the expense of the losers.
Building a startup community is not a zero-sum game in which there are winners and losers: if everyone engages, they and the entire community can all be winners.
It is sort of a bit of a caricature of capitalism, that it's always this zero-sum game where you have winners and losers. Silicon Valley, the technology industry at its best, creates a situation where everybody can be a winner.
Winners expect to win before the contest starts; losers don't. Any individual becomes what he or she thinks about most. If you want to be a champion, then that thought must dominate your life. But most important, winners dwell on the rewards of winning; losers dwell on the penalties of failure.
Active investment is a zero-sum game. Passive managers don't play the game. They buy something resembling the market as a whole, or some segment of the market, and they don't respond to the actions of active managers.
The culture war is between the winners and those who think they're losers who want to become winners. The losers think the only way they can become winners is by banding together all the losers and them empowering a leader of the losers to make things right for them.
This is a war universe. War all the time. That is its nature. There may be other universes based on all sorts of other principles, but ours seems to be based on war and games. All games are basically hostile. Winners and losers. We see them all around us: the winners and the losers. The losers can oftentimes become winners, and the winners can very easily become losers.
Family policy is not a zero-sum game: any gain for dads need not come at the expense of mums.
We have the data to prove to men that gender equality is not a zero-sum game, but a win-win.
You spend more of the game preparing to win in the final seconds. And that is what separates winners from losers.
First there are those who are winners, and know they are winners. Then there are the losers who know they are losers. Then there are those who are not winners, but don't know it. They're the ones for me. They never quit trying. They're the soul of our game.
Elections are zero-sum games. That means that there's always one winner and a lot of losers. If you just get one more vote than the other person, you win that election.
We believe that economics does not necessarily have to be a zero-sum game; it can be a win-win proposition for everyone involved so long as they have the tools in which to succeed.
I have finished second twice in my time at Green Bay, and I don't ever want to finish second again. There is a second place bowl game, but it is a game for losers played by losers. It is and always has been an American zeal to be first in anything we do, and to win, and to win, and to win.
So winners, Hae-Joo proposed, are the real losers because they learn nothing? What, then, are losers? Winners?
We're being told that America is a zero sum game - that the dreams of immigrants come at the expense of those native born and that the religious freedom of some threatens the security of others. But we know this is a lie.
The guys that go into the Hall of Fame are the winners, and the losers are the ones who put them in there, and I would like to see some of the great losers through the years be in the Hall of Fame. I know that that's probably impossible, but you've got to give those losers credit, they made the winners.
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