A Quote by Eugene Fama
The investors who generate big returns over five years, the guys they write books about, are supposed to keep winning, right? Well, they don't.
Related Quotes
Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred. Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
I think at this point I only write books about questions I really want to figure out. They're indulgences, essentially. I think, 'What would I like to spend five years really thinking about? What could I gain from thinking about for five years?'
The age of the book is not over. No way... But maybe the age of some books is over. People say to me sometimes 'Steve, are you ever going to write a straight novel, a serious novel' and by that they mean a novel about college professors who are having impotence problems or something like that. And I have to say those things just don't interest me. Why? I don't know. But it took me about twenty years to get over that question, and not be kind of ashamed about what I do, of the books I write.
Writers are troubled about finding time to write and writer's block and publicizing books that aren't books yet. They agonize over how to write and what to write and what not to write.
Other people have hang-ups about what's literary or genre or whatever, and that's sort of not my problem. You're supposed to write what you have to write, and you're supposed to keep moving.
If you keep saying two plus two equals five over and over again, then that is what people are going to think. Maybe it does equal five if we keep changing the definition of what's normal and what's right and what's wrong.
You talk about winning championships, well championships are won by 12 guys, the organization, being in the right spot at the right time.
If you can improve your franchise, even if you're doing well, you're going to make that move. You just are - at least I am. It's about winning and winning the right way and trying to sustain success over a large period of time.
You know we receive an education in the schools from books. All those books that people became educated from twenty-five years ago, are wrong now, and those that are good now, will be wrong again twenty-five years from now. So if they are wrong then, they are also wrong now, and the one who is educated from the wrong books is not educated, he is misled. All books that are written are wrong, the one who is not educated cannot write a book and the one who is educated, is really not educated but he is misled and the one who is misled cannot write a book which is correct.
If you take five white guys and put 'em with five black guys, and let 'em hang around together for about a month, and at the end of the month, you'll notice that the white guys are walking and talking and standing like the black guys do. You'll never see the black guys going, "Oh, golly! We won the big game today, yes sir!" But you'll see guys with red hair named Duffy going, "What's happenin'?"
I want to do the best I can right away. There's no point for me to just kind of be relaxed about it. Of course, in each match winning is out of my control, but I want to try to do the best I can as soon as I can, and I want to have 10 successful years and not five slow ones and then five good ones.
The word passive does a disservice to investors considering their options. Indexing provides an effective means of owning the market and allows investors to participate in the returns of a basket of stocks. The basket of stocks changes over time as stocks are added or removed based on its rules.
But I was always a bit of a gypsy, anyway. I spent five years at Oklahoma State, five years at Miami and moved on after winning the national championship, and five years with the Cowboys. So, I was ready to move on. We won back-to-back Super Bowls, and I felt that I accomplished what I wanted to accomplish.
Winning races and winning consistently is going to open opportunities. Guys who have that ability and are consistent in it are the ones you see have success for years and years.
You can't write a children's book that takes more than five or six minutes to read, because it will drive the parents batty. It has to be compact. Nobody thinks about the parents when they write these stupid books. I could write longer children's books, but it would actually be bad if I did.
My advice is this. For Christ's sake, don't write a book that is suitable for a kid of 12 years old, because the kids who read who are 12 years old are reading books for adults. I read all of the James Bond books when I was about 11, which was approximately the right time to read James Bond books.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist