Andrew Lo

Ideas percolate. Through natural selection, the best ones survive. ”

During periods of extreme fear or greed, you don't have the proper balance between those two to generate market efficiency and you get extremes in behavior. ”

The adaptive markets hypothesis says that all economic institutions, like our own species, develop and change over time, depending on the population of investors that are engaged with them. ”

Financial crises are an unfortunate but necessary consequence of modern capitalism. ”

If troubled companies want to explain away 2008 as a 'black swan,' then someone should take responsibility for creating the oil slick that seems to have tarred the entire flock! ”