Quotes

Quotes by John H. Cochrane

(2)
(287) If markets never crashed, that would be inefficiency. Then you could earn a guaranteed profit with no risk. The theory says markets should be efficient--markets should aggregate the information that real people have--not clairvoyant, reflecting information that nobody has. There's nothing in the fact of a big crash that's inconsistent with an efficient market.
1-Oct-13
- ChicagoBooth Magazine, Fall 2013.
(288) Fama was both Newton and Einstein. He led the basic development of finance, and its second big revolution, integrating the zoo of anomolies that threatened its foundations. I can't think of anyone else who has done something like that.
1-Oct-13
- ChicagoBooth Magazine, Fall 2013.