A couple of days ago it was announced that Eugene Fama, Lars Peter Hansen and Robert Shiller had been awarded the Nobel Prize in economic for their contribution to the understanding of asset prices.
The interesting thing of course is that Fama’s main contribution is the Efficient Market Hypothesis (EMH), while Shiller’s main contribution has been to try to empirically prove that EMH is wrong.
I think most of my readers know that I am mostly in the EMH camp, but also that I in my day-job is in the business of trying to beat the market. So I am a bit split – even though I after years of trying to beat the markets and having obsermtved others trying to do the same thing has come to the conclusion that people do get lucky – sometimes more than once (just look at Shiller!) – but that it is…
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Utopia, you are standing in it! 
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