“I think most bubbles are twenty-twenty hindsight. Now after the fact you always find people who said before the fact that prices are too high. People are always saying that prices are too high. When they turn out to be right, we anoint them. When they turn out to be wrong, we ignore them. They are typically right and wrong about half the time.” — Eugene Fama
Eugene Fama: Background & bio
Fama is an American economist and Nobel laureate in Economics, known for his work on portfolio theory and asset pricing, with Kenneth R. French. Fama is most often thought of as the father of the efficient-market hypothesis, beginning with his Ph.D. thesis. In a ground-breaking article in the May 1970 issue of the Journal of Finance, entitled “Efficient Capital Markets: A Review of Theory and Empirical Work.”
Fama is currently Robert R. McCormick Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. In 2013 Fama was awarded the Nobel Memorial Prize in Economic Sciences jointly with Robert Shiller and Lars Peter Hansen.
Eugene Fama: Research
Foundations of Finance
- Chapter 1 The Behavior of Stock Market Returns
- Chapter 2 The Distribution of the Return on a Portfolio
- Chapter 3 The Market Model Theory and Estimation
- Chapter 4 The Market Model Estimates
- Chapter 5 Efficient Capital Markets
- Chapter 6 Short Term Interest Rates as Predictors of Inflation
- Chapter 7 The Two Parameter Portfolio Model
- Chapter 8 Capital Market Equilibrium in a Two Parameter World
- Chapter 9 The Two Parameter Model Empirical Tests
- Preface
Theory of Finance
- Chapter 1 A Model of the Accumulation and Allocation of Wealth by Individuals
- Chapter 2 Extension of the Model to Durable Commodities Production
- Chapter 3 Criteria For Optimal Investment Decsions
- Chapter 4 Financing Decisions, Investment Decisions, and the Cost of Capital
- Chapter 5 The Expected Utility Approach to the Problem of Choice under Uncertainty
- Chapter 6 The Two Period Consumption Investment Model
- Chapter 7 Risk, Return, and Market Equilibrium
- Chapter 8 Multiperiod Models
- The Theory of Finance Preface and Table of Contents
Fama: Resources
Eugene Fama: Articles
- Nobel prize-winning economists take disagreement to whole new level
- Nobel winner Fama: Active management ‘never’ good
- Fama, 2013 Economics Nobel Prize
- Fama’s Efficient Market Is A Sound Guiding
- Fama, King of Predictable Markets
- Fama, active management and the bigger pie theory
- Interview with Fama – The New Yorker
- Fama and Efficient Financial Market Theory
- Fama’s Nobel Work Shows Active Managers Fated to Lose
- Seven Nobel Laureates Endorse Higher U.S. Minimum Wage
- Fama: QE Doesn’t do Much | Pragmatic Capitalism
- Nobel Prize Winner: Bubbles Don’t Exist
- 12 Questions for Nobel Prize Winner Fama
- Fama on the Housing Bubble
- Fama’s Much-Deserved Nobel Prize
- An Interview with Fama – Monticello Group
- The Behavior of Stock-Market Prices Eugene F. Fama The …
- The Wisdom of Fama – Morningstar
Fama: Videos
- Masters of Finance: Fama
- Prize Lecture by Eugene F. Fama
- Fama Proves Economic Incompetence Prerequisite
- Eugene F. Fama, 2013 Prize in Economic Sciences
- Fama on his role models and inspiration
- Fama on Economic Sciences
- Lectures: 2013 Prize in Economic Sciences
- Fama Awarded Nobel Prize in Economics
- Fama on Winning the Nobel Prize for Economics
- Fama Prize Lecture Excerpts
- A Brief History of the Efficient Market Hypothesis
- Fama Educates Rick Santelli Re. Interest Rates
- Fama explains his work to young students
- Fama Why Small Caps and Value Stocks Outperform
- Fama on what brought him to Economic Sciences
- Fama Says Too-Big-to-Fail `Distorting’ Financial System
- Rick Santelli and Fama Get In Fight
- Economics Noble winner Fama: QE is just an asset swap