Robert F. Engle Quotes

The proposition is that prices reflect all available information, which in simple terms means since prices reflect all available information, there's no way to beat the market.

One of the reasons why we can make a lot of money in equity markets is because they're auction-driven, and auction-driven markets are very different from almost any other kind of market.

In the world I've known most of my life, old stories quickly lose their power over capital markets and get replaced by new surprises. That which everyone fixates on gets priced into the stock market quickly and can't drag on.

Markets are self-regulating only because some brave investors are prepared to bet against the market trend.

The one thing about markets is that they do not give any advance notice. If they did, they would be arbitraged away.

I believe, in the stock market - that's one of my fields - that most people are irrational. And to be irrational, you can be irrational in so many different ways that, practically, the result is indeterminate.

Auctions create greater price discovery and liquidity, resulting in a very meaningful final auction price. If you were building a securities exchange today, an auction would be a core feature.

The United States has the most sophisticated financial markets in the world, which does not leave much room to maneuver. But it also offers investors the greatest access to information and the ability to execute trades quickly and efficiently. So it is a mixed bag of opportunity.

Promoting the interaction of orders remains one of the most difficult, but crucially important, challenges we face concerning our national market system.

In an efficient market, at any point in time, the actual price of a security will be a good estimate of its intrinsic value.

When volume drops off, prices settle down. Volume is the force that turns stocks higher.

What Wall Street is, they're market makers. Wall Street's business model is making money on velocity of money. They're a click industry. That's what Wall Street is. They make a lot of money when there's a lot of turnover. And they make a lot of money when that velocity is fast.

Markets love volatility.

To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

When I hear complaints about less liquidity, remember there is such a thing as too much liquidity.

I gradually became persuaded that the subjects, without intending to, had revealed to me a basic truth about markets that was foreign to the literature of economics.

More and more investors may be coming into markets everywhere but that doesn't mean that the markets are really getting more and more efficient, even in the United States. It does mean that there is more access for savvy investors who watch the money flows.

Proprietary stock-index arbitrage is but one aspect of program trading. Arbitrage will take place whenever there is an imbalance created in one or more markets that are similar.

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

You know what term you don't hear anymore? Arbitrage. The markets have gotten too efficient.

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

Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market.

The United States has the best, deepest, widest, and most transparent capital markets in the world which give you, the investor, the ability to buy and sell large amounts at very cheap prices. That is a good thing.

When you look at a commodities market you need hedgers and speculators. If you don't have one, you don't have a market. That's how it works.

Speculators get a bad rap. In the popular imagination they're greedy, heedless, and amoral, adept at price manipulations and dirty tricks. In reality, they often play a key role in making markets run smoothly.