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The efficient markets hypothesis is 'mostly right' — not perfectly right. And that mostly-right part is where the money is.
market-efficiency— AQR Insights blog, 2014
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The investment management business is built on a simple and false premise: that talented professionals can systematically beat the market.
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Amateur investors can beat market professionals simply by not trying to.
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A blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by experts.