The Fama and French Farewell Tour
23 October 2009
Dr. Howard bids his farewell to Fama, Franch, and Efficient Markets in his recent article in Advisor Perspectives.When taking a tour of the western US, one sees wide-open expanses and beautiful vistas. If asked afterwards, the tourists would say they saw little or no evidence of valuable mineral resources along the way. But in fact, the western US is home to many deposits of valuable ores. Searching for evidence of skillful managers using life-of-fund alphas is like trying to identify mineral deposits along the route by looking out the windows of the bus.