Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.

I should mention that I am a member of the board of directors of Dimensional Fund Advisors.

... Any pension fund manager who doesn't have the vast majority-and I mean 70% or 80% of his or her portfolio-in passive investments is guilty of malfeasance, nonfeasance or some other kind of bad feasance!

I had some of the students in my finance class actually do some empirical work on capital structures, to see if we could find any obvious patterns in the data, but we couldn't see any.

As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports.

Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn't.

I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.