Chris Dillow 

60 years of wasted effort

Chris Dillow

Chris Dillow
60 years of wasted effort

Conventional academic financial economics has been a massive mistake, and investors would have been better off ignoring it and instead learning from Benjamin Graham’s work on value investing in the 1930s and 1940s. This is the claim of a new paper by Eben Otuteye and Mohammad Siddiquee at the University of New Brunswick. Orthodox theory – in particular the capital asset pricing model – has, they say, been “60 years of wasted effort".

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