Our Blog: 06/01/2019

As an office, we prefer to keep everyone educated. It’s an important part of our culture. One method, we call “cycle articles”, is to talk about articles appealing (by the end, a cycle article must have everyone’s initials on it). Eugene Fama (of the University of Chicago), Lars Hansen (also of the University of Chicago) and Robert Shiller (of Yale University) were acknowledged together.

I cycled the article because I believe Eugene Fama deserves identification at the Nobel Prize level. The powerful efficiency of marketplaces is the cornerstone of our investment idea. Markets work well extremely. Those investors who make an effort to “beat the market” achieve this at their own peril! About 1992. The thought of market efficiency was beginning to appear on the radar of investment advisors.

By 1994, I was persuaded that picking the top (mutual) fund supervisor or endeavoring to “time” the market was an incorrect method of building portfolios for our clients. Unfortunately, his work has inspired not even half of traders probably. Most believe in forecasting still, timing and trying to recognize tomorrow’s winners. However, Perhaps, as the joint honor suggests just, the collective efforts of all three recipients raised the bar in economics.

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This should impact all of us on some level. Why should we care? Fama’s work lays the groundwork for a scientific, well-researched method of investing that allows marketplaces to work for the trader. This evidence-based approach has been and can continue to be fundamental to the (efficient) success of our portfolios.

Thanks David. Congratulations Professor Fama on the recognition of your life’s work! Please enjoy a brief video about the advancement of modern financing throughout Professor Fama’s distinguished career at the University of Chicago. Eugene Fama has been and continues to be an integral part of the academic engine that fuels Dimensional Fund Advisors (DFA). For the interested, here are some additional links about Professor Fama’s work and Nobel recognition. Eugene Fama and Robert Shiller discuss “bubbles” on NPR. NY Times article regarding Fama’s Nobel recognition.

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Ordinarily, some are amber, some are red and some are green. It’s apropos to increase on Grant’s feedback. Overnight financing rates and Treasury yields will be the pillar for an easy selection of rates and market produces – at home as well as overseas. Had the Fed, as in the past, restricted its procedures – and market distortions – to Treasury expenses, I’d be much less apprehensive.