Eugene Fama

I'm skeptical of market timing.

The joint hypothesis problem plagues anomaly tests.

Investing is simple, but not easy.

Fama-French factors explain returns better than CAPM alone.

Long-term bonds are riskier than stocks in some senses.

The market is a voting machine in the short run, weighing machine in the long.

Empirical finance drives theoretical advances.

Herding behavior is overrated.

Retirement planning relies on market efficiency.

The size effect is real but small.

I enjoy the intellectual challenge of finance.

Momentum is an anomaly that persists.

Teaching finance is rewarding.

The value premium is compensation for risk.

Collaborating with French was key to my work.

Nobel Prize was unexpected but affirming.

Data mining explains many so-called anomalies.

Finance is evolving with new data sources.

The market's efficiency is a hypothesis, not dogma.

Risk aversion drives asset pricing.