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The market is incredibly inefficient and capable on rare occasions of being utterly dysfunctional. And people have a really hard time getting their brain around that fact. They want to believe that it's approximately efficient almost all the time, and it simply isn't true.

Properties have different characteristics, like companies, and the market throws up more opportunities because it is inefficient.

I don't entirely reject the idea of efficient markets. It needs updating.

Industry is extremely slow in readjusting itself to the manufacture of modern consumer goods.

The thing about markets, and I think the thing people don't understand about that, is markets are not kind, but they're very efficient. So when the marketplace determines an inefficiency in the system, it corrects that, and a market system that's left alone will reward good behavior and punish bad behavior.

Markets are frequently ahead of, and often out of sync with, the economy.

It's competition that forces companies to get out of their complacency.

As an economist, I'm aware that life is full of trade offs.

In markets, you have rich years, and you have less rich years.