Maybe this is a revelation to…someone? I don’t know why Eugene Fama saying this in 2024 is considered news. The guys entire body of research since the 1960s is about market inefficiencies.
Amazing that 100 years later we’re still unable to grasp the nuance of the efficiency idea.
We settled this one forever ago, but somehow armchair internet commenters still think they can zing the entire field of economics by saying “lol you guys still think people are efficient robots.” Cool 1940s insult, bro.
Yes, obviously markets aren’t perfectly efficient and nobody believes they are. But they trend toward efficiency over time. Ignore this at your own peril.
Amazing that 100 years later we’re still unable to grasp the nuance of the efficiency idea.
We settled this one forever ago, but somehow armchair internet commenters still think they can zing the entire field of economics by saying “lol you guys still think people are efficient robots.” Cool 1940s insult, bro.
Yes, obviously markets aren’t perfectly efficient and nobody believes they are. But they trend toward efficiency over time. Ignore this at your own peril.