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Is the Price Right? Two Nobel Laureates Debate How Markets Work

Chicago Booth Review Podcast

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The Inefficiency of Financial Markets

Where are you most likely to be able to beat the market? For smaller firms, less developed countries. But even there, the advantage that active managers have is relatively small. The whole process, the whole momentum phenomenon gives me problems. It could be risk, but if it's risk, it changes much too quickly for me to capture it in any asset pricing model. That one gives me the biggest problems of all.

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