Eugene Fama

A simplified version of his dissertation, “Random Walks in Stock Market Prices,” was published in Institutional Investor magazine, provoking a stir. It was Gene’s article that introduced the still-controversial efficient market theory to the investment community. (There are many variations of the efficient market theory, but they all postulate that stock prices promptly and fully reflect all public information.) Very few academics specializing in investment research have any audience in the investment community, but that article made Gene Fama very well-known on Wall Street.