Fama believes that in an efficient market, stock prices reflect all information, that is, reasonable prices, which are similar to Bachelier.pennbattle35000dxThe theory is different. Buffett's success counters the doubts of academics, who believe that success stems from hard work and Graham's philosophy. Explanation of three-factor model proposed by Famapennbattle35000dxExcess returns from value investing masters. The theoretical foundation of index funds was laid by Bachelier, Markowitz, Sharp, Fama, etc.
Buffett and the Efficient Market Hypothesis: Is it luck or wisdom to obtain excess returns over the long term
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