market efficiency

“Diversity and independence are completely different issues. Lack of diversity is when everyone's thinking the same way. Independence is slightly different, where people are diverse, but when they go to express their opinion, then they're collectively influence…”

“In some ways, it may provide us even additional opportunity if you have less people actually pursuing active management. It could make the markets a little less efficient, if you will.”

“The biggest information for people who are interested in the profession and for people who are looking for a good manager is the data documenting the inability of active managers to outperform other brilliantly talented, fully informed, Fabulous equipment, act…”

“Really good short ideas are hard to come by and the market's pretty smart. The longer you give the market, the more likely it is to be efficient.”