Often known as the father of the efficient-markets theory, Professor Fama, a former student of Milton Friedman, the University of Chicago Nobel laureate, is a careful empiricist and a genial, open conversationalist. But some of his opinions have set off controversies. He has come under criticism from Professor Shiller, for example, for minimizing the role of investor psychology and emotion in financial markets.
And while Professor Fama doesn’t involve himself directly in politics, saying his “extreme libertarian” views are of no general interest, he isn’t reticent when asked about them.
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