People, who are Sophisticated Investor, go against Efficient Market 1. Add Value to the company 2. Have High Human capital 3. Luck.
General Public will follow Efficient Markets and Asset Pricing Risk Return for beta returns for their retirement.
Eugene Francis “Gene” Fama is an American economist, often referred to as “The Father of Finance”, best known for his empirical work on portfolio theory, asset pricing and stock market behaviour.
“The University of Chicago basically plucked me out of Kansas and put me on this trajectory …Sometimes I wonder, why me? But it happened. ” — David Booth