In Pursuit of the Perfect Portfolio: Eugene F. Fama

via Barry Ritholtz

  • 効率的市場仮説(efficient market hypothesis)という名称について

FAMA: A kind of bad choice though.

LO: Why do you say that?

F: Because it gets mixed with efficient portfolios. …. I don’t know what is the alternative.


何度も同じものを読まされるのに飽きているかもしれませんが,New York Timesに掲載されたShiller教授の説明であれば,一読の価値があるかもしれません。

Actually, I do not completely oppose the efficient-markets theory. I have been calling it a half-truth. If the theory said nothing more than that it is unlikely that the average amateur investor can get rich quickly by trading in the markets based on publicly available information, the theory would be spot on. … But the theory is commonly thought, at least by enthusiasts, to imply much more. Notably, it has been argued that regular movements in the markets reflect a wisdom that transcends the best understanding of even the top professionals, and that it is hopeless for an ordinary mortal, even with a lifetime of work and preparation, to question pricing. Market prices are esteemed as if they were oracles.


via himaginaryの日記, N.Y. Times





via himaginaryの日記


Nobel Economics 2013

2013年のノーベル経済学賞の受賞者が, Eugene F. Fama教授,Lars Peter Hansen教授およびRobert J. Shiller教授の3名と決定しました


  • Robert J. Shiller shares 2013 Nobel Prize in Economic Sciences

  • Fama and Hansen Discuss Winning Nobel Memorial Prize in Economics

  • Lars Peter Hansen on Winning Nobel Memorial Prize in Economics