polygonchaingames| Is it luck or wisdom to obtain excess returns over the long term?

Fama believes that in an efficient market, stock prices reflect all information, that is, reasonable prices, which is different from Bachelier's theory. Buffett's success counters the doubts of academics, who believe that success stems from hard work and Graham's philosophy. The three-factor model proposed by Fama explains the excess returns of 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 termpolygonchaingames? | screw bandpolygonchaingamesRisk warning for you to read and choose your own stocks: The above content is only the author's or guest's opinion, does not represent any position of Hexun, and does not constitute any investment advice related to Hexun. Before making any investment decision, investors should consider the risk factors related to investment products based on their own circumstances and consult professional investment advisers when necessary. Hexun strives but cannot confirm the authenticity, accuracy and originality of the above content, and Hexun makes no guarantee or commitment in this regard.