FT Interview: Eugene Fama

Economist Eugene Fama: ‘Efficient markets is a hypothesis. It’s not reality’
Eugene Fama on the state of Finance today:
https://www.ft.com/content/ec06fe06-6150-4f39-8175-37b9b61a5520
Fama is more willing to grouse about how little time students spend preparing for class — “kids today just do not work . . . What the hell are they doing with their time?” — and the current state of financial economics. The lack of exciting new breakthroughs and revolutionary theories saddens him.
“A lot of big paradigms came in the 1960s and ’70s. But there’s no new options pricing theory, capital asset pricing model or efficient market hypothesis,” he says. “People are now basically working on the details. But it’s time for a big jump forward.”

Related:

The Less-Efficient Market Hypothesis
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4942046