Even inefficient markets hard to beat
Synopsis
At the CFA Institute's annual conference in Seattle, experts discuss the implications of the 2013 Nobel Prize awarded to economists Robert Shiller and Jean Fama.
Synopsis
Clifford Asness speaks at the CFA Institute's annual conference in Seattle, addressing the debate over market efficiency. He discusses the contrasting views of Nobel laureates Robert Shiller and Jean Fama. Shiller argues that markets are less efficient, while Fama, known for efficient market theory, believes they are closer to efficiency. Asness notes that while perfect efficiency is unlikely, some behavioral biases and inefficiencies exist. He emphasizes the need for fair fees and disciplined strategies for investors seeking to outperform the market.
Deep Dive
Why Watch
- Find out why Gene Farmer is called the godfather of market theory.
- See how behavioral biases affect market efficiency.
- Meet Clifford Asesses and hear his investment strategies.
Did You Know
- Robert Schiller and Gene Farmer shared the Nobel Prize in 2013.
- Gene Farmer taught at the University of Chicago in the 1980s.
- Clifford Asesses believes there are fewer market bubbles than commonly thought.
- The segment suggests that markets are not perfectly efficient but are hard to beat.
Perfect For
Frequently Asked Questions
Who shared the Nobel Prize in 2013 for their work on market efficiency?
The Nobel Prize was shared between Robert Schiller of Yale and Gene Farmer of Chicago.
What is Gene Farmer's view on market efficiency?
Gene Farmer believes that markets are probably a lot closer to efficient than Robert Schiller does.
What is the main takeaway regarding fees for investment strategies?
Investors should not pay high fees for simple investment strategies that can be accessed through market cap index funds.
What are people saying?
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