"The hypothesis that actual prices reflect fundamental values is the Efficient Markets Hypothesis (EMH). Put simply, under this hypothesis, “prices are right,” in that they are set by agents who understand Bayes’s law and have sensible preferences. In an efficient market, there is “no free lunch”: no investment strategy can earn excess risk-adjusted average returns, or average returns greater than are warranted for its risk."
The "no free lunch" slogan is not restricted to the EMH as above. It is omnipresent. Here is an excerpt from an interesting article.
"My father used to tell me, "There's no such thing as a free lunch, son." One day, when I was feeling clever, I thanked my dad for the "free" lunch he had just bought me. He replied, "This lunch isn't free, son … you have to sit here and listen to me while you eat it, don't you?" Point taken."
The Hidden Costs of Free Software - Small Business Software - Entrepreneur.com
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