Efficient market theory maven Eugene Fama had characteristically pointed words for those working in the financial services sector. In a sold-out keynote speech to the CFA Society Chicago, Fama told portfolio managers their chosen vocations were “not full-time jobs,” saying financial advisors’ business model “doesn’t have longevity” and lamenting on the fact momentum factors exist in markets. However, when pressed with tough questions about the increasing role passive investing plays in diminishing free market efficiency, a hot topic of the day, the outspoken Nobel Laurette was noticeably subdued.
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