Nobel Laureate Explains How to Beat the Markets | Eugene Fama

[@Rascal77s]

David you're killing it with the awesome guests and discussions!

[@fish.jockey516]

What an absolute delight of a human being eh. Super stoked to see the best guests of the old era be the first of the new one. David, you’ve made an excellent decision to go down this path, excited to see where it will lead. Go Raptors!

[@Dr.Richard_Kimble]

Great interview David. I love how those who have learnt this fact take the cognitive dissonance approach to actually applying this knowledge,

[@HagobSaldaldianSmeik]

100%

[@antpoo]

Great to listen to scholars and not ‘pundits’ with their own opinions and self interest

[@OaseDaniel]

This guy is a legend. Great interview

[@James-il3tq]

Lots of respect for David's crazy work ethic with his new channel 👊 With his work ethic and lineup of guests he'll blow away 100k subs in no time, eventually 500k.

[@TheDavidLinReport]

Appreciate it!

[@dmitridemin4832]

Dollars in international trade are just units of account?? With all due respect, what is he talking about. Companies overseas routinely buy dollars so they can trade with their partners. This creates demand for dollars which the US is happy to provide. The moment this overseas trade in dollars goes down, you have less demand for dollars and so you will have to pay for imports in the US by exporting real goods and services rather than dollars.

[@vincentmurphy9252]

David to get not the same 20 people to interview ( it gets old) as many of sites do they just regurgitation of interviews - it nice to get these quality guests !!!you rock

[@TXLionHeart]

David, I'm impressed; this man is the GOAT, and everything he says is a cornucopia of wisdom. Thank you for an awesome interview!

[@apothe6]

I listen to everything Fama says, what a pleasure to see him on your channel David!

[@pradeeprathore6683]

David.. You are the best interviewer I have ever seen.

[@johnw2799]

Dr Fama is quite an open-minded scholar. May he long live!

[@deltabravo6613]

Can someone interview David just as a person?! His mindset and drive is inspiring!

[@ikust007]

James just did a superbe one.

[@walden6272]

Would be hilarious if Kitco invite David to their show to interview him about the market. LOL

[@deltabravo6613]

@@walden6272 😂😂💀

[@deltabravo6613]

@@ikust007 link please

[@makeyourlifeeasier5794]

As usual, a great show and a total disregard for combing your hair...both perfect...I Love it David!! 😂

[@somejohndoe3004]

Sound quality is not great, a bit of a challenge to hear what M. Fama has to say.

[@bradynields9783]

"Bitcoin is a totally different subject" best line ever within the context of money.

[@ncprealty3844]

Humble and happy, teaching in his mid-80s, his students are fortunate.

[@BlueWaterSTAX]

Fascinating conversation guys. Central Banks PUMPING massive amounts of liquidity into the financial system, of course growth stocks are going to do better over the last ten years. Without that liquidity (QE), value stocks would have done better. The David Lin Report has the best content on KZbin 😀

[@Zk8et]

I think he thought that David told him to subscribe. LOL 🤣😂

[@CornTrader]

Thank you David for bringing such smart people to your show.

[@mechannel7046]

Wow, you have Eugene Fama on!

[@GoodGolden]

David, I love your show and guests, but the audio needs to be better with them. Only trying to be helpful.

[@joelapointe3839]

excellence! you continue to ask all the questions I want the answers to. great choice of guests. wonderful ,thankyou from vancouver

[@MarcosMatsumotofx]

Wow, David! Best guest ever👏🏻

[@Asmodai2011]

Ask why the price of Gold has been volatile? QE and Manipulative Interferences. Of course it's the only true stable money when it isn't being hindered.

[@dixiederivatives]

David, so happy I found you again, and congrats on your own show! I just realized a week ago I hadn't seen you on Kitco! Found out you left, glad to see the results!

[@TheDavidLinReport]

Thanks for following my work!

[@josephking7674]

Keep your interviews light hearted. That is what makes your show fun to watch. Good job

[@rain3304]

I Enjoy you both for the questions and laughter.

[@pq2667]

Fabulous! thanks gentleman super informative.....they will save me reading a lot of junk reporting / commentary regarding the US$ 'is this' or 'is that'..... David, much success to you!

[@dls1980fly]

What a fantastic guest and a great interview. Very informative. Thank you!

[@jayneweaver8695]

Dr. Fama is an excellent guest, wise and also generous with his knowledge, thank you for having him on your show. Our Fed are our "best and brightest" their best thinking got us here; wondering if our bank balances will be in our accounts at any given hour, because we are not in "the club" where your rich friends get richer from their association w/you at the Fed, while the rest of America struggles to buy a 300 s.'f.' Tiny Home with no land or foundation.

[@dforsberg99]

Wow, great interview. Thank you.

[@angisworld8129]

7 ads during the video ÜÜÜ- this guy need serious money

[@SacredTubes]

So close to hearing about what his perspective is on BTC. Good interview but wish David pressed him more on BTC. Anyone heard him speak on it that can point to the reference?

[@MiguelCosta-ez6rh]

Just finished listening to this, 7 am Alpha! 😁 Loved this one! It's amazing the way you conduct your interviews David! You are awesome!

[@AdamTSLA]

Incredible interview - thanks for this David. I remember doing my masters in finance and studying his asset pricing and allocation models.

[@lotfyken2759]

One great guest after another

[@PaulbylPaulbyl]

So glad you got your own channel David you so deserve it!

[@dr.mariotrevinovillegas8450]

excellent interview David! Bravo!

[@davidcorden]

David, best of luck with your new show. A couple of suggestions: 1) improve your microphone and framing of your logo. 2) Rename to the Lin report, it’s sharper. 3) Your hair and makeup need improvement, you looked sharper on Kitco. 4) Spend money on a on jntro video and music. 5) Post some short form videos pointing people to your main channel.

[@jimd.2683]

Did I miss his opinion on BTC? Great interview David!

[@kenthughes4396]

David’s best interview of all time!

[@jonathanrabbitt]

The best fund managers are usually long term members of Congress, or their spouses.

[@stockswithkunle700]

The two mics make you appreciate good quality audio!

[@thaidomain]

Yes, it often appeared Mr. Fama was just mumbling something.

[@bonjourbrasserie4387]

Thanks David for your work, if I have keep one economics channel subscription it would be yours, because of the quality of guest your are inviting. And thanks Eugene for sharring your wisdom !

[@simonrowe3124]

What a great question about AI’s impact on price prediction!

[@raulreveles9722]

Great rapport, David.

[@junkscience6397]

Awesome channel here, I just discovered recently. Thank you for your free content from Tokyo = Subbed!

[@jcschwarb]

Good discussion - the professor is missing how markets are driven by momentum algorithims that not only beat the indexes, they define the direction of the market. Thus, reading and calculating using the right inputs can accurately predict the markets direction.

[@weallgonnamake]

Always checking your interview with Eugene Fama. Always fun and knowledgeable.

[@julianthomas696]

Great show David ❤❤❤

[@USGrant21st]

I wish I were there to ask Eugene Fama a few questions about the Efficient Market Theory. One, if the market is efficient then prices are optimal (no one can objectively suggest a better price), so what is the target function for the market optimization? It can't be just the price or risk, because it's easy to change those by diluting or leveraging market position. The market participants must be optimizing the risk/reward ratio. If that's the case, the corollary is that every security in the efficient market must be offering the same risk/reward. After all rational people don't care what a company is called or what business they are in as long as it brings them the best financial results. If, say, a manure manufacturer has better risk/reward ratio than a technology company then that's where the investors will bring there money to -- the process that will eliminate the discrepancies. Now, since all market instruments are equally optimized, it contradicts the Modern Portfolio Theory, because there is no diversification effect in diversified portfolio -- any portfolio consists of equally optimized securities by the efficient market.

[@Youtube_ban_me]

So basically investing is a casino. I agree 👍

[@ellipseirp7470]

Good question around minute 17. I believe that today a more important yet similar question would be whether the running algos are behind the current efficiency. This is akin to asking "Which came first: the chicken or the egg?"

[@dariosilva85]

Very bad audio again. The host has a responsibility to make sure that the audio quality is good before the interview starts. If you have a lot of eco, you should kindly ask the guest to move to another room without eco.

[@cautioushubbard3074]

Congratulations David

[@brian6x]

I like this guest. Nice interview.

[@joakimgustafsson7881]

Great guest. He's sharp.

[@dfolegna]

Wonderful interview from a giant: I believe the efficient market hypothesis is a very good approximation to the reality and proving the contrary is extremely difficult. But I would like to hear his point of view about cases like Jim Simons. In my opinion, if you limit your size and you react in real time, as rentech does, you can statistically be right a little bit more than 50%. Very hard to do, but possible. But looks more like single expeptions to general rules.

[@Moontiga]

awesome but what about the Bitcoin question he was about to answer?!

[@edwardtucker8219]

David, I am working my way through all your new presentations. You had me on your first question (and his laugh) about MMT! I was seriously missing your interviews - always prescient - and am so glad I saw you pop up just yesterday! Thanks for getting your own channel! Perhaps have on Roger Hambleton - Bald Guy Money - as he uses AI to predict the prices of precious metals! Thank you very much!

[@80travisbickle]

Best episode so far on this channel. Strange to see Rick Rule and E.B. Tucker get five or six times more views than Eugene Fama. Maybe you could get Jeremy Siegel as a guest?

[@Javier99999]

Hi David, coincidentally I have been reading Mandelbrot's, The misbehavior of finance, and I'm on the chapter where he talks about the efficient market hypothesis and it's talking about Fama. Great timing.

[@tommueffelmann554]

Wow man, great questions. Always exactly what I wanted you to ask in response to Fama’s answers

[@juancpt]

Just wish it would become illegal for companies to do stock buybacks, rather pay higher dividends or invest in economy. Stock buybacks only benefit the corperate elites and insider traders.

[@runningboy4761]

Great to have insights from a REAL economist. Good job David!

[@killap3nguin]

I don’t skip ads. You’re welcome

[@Fearzero]

Following this advice you'll be under water from inflation.

[@jimpatel9056]

Cannot hear , voice qualty very poor

[@richardmiglioranza4004]

That was so good, thanks for the great interviews David.

[@HagobSaldaldianSmeik]

good guests good interviews!

[@tommueffelmann554]

great Interview! Would have been great if you asked about Ray Dalio’s book of the new world order, or about the effect of the Debt Ceiling

[@fugitive88888]

David is awesome

[@Artilectual]

Love the content

[@KyleStrutt]

Both of you are so intelligent, skilled, calm and humble. These traits are the best for teaching others. Great job!

[@JONINOTORUS]

EMH dictates that capital is allocated efficiently to the markets. What explains the market crashes such as 2000 and 2008?

[@WMGIII]

Unfortunately his room is like an echo chamber. He needs to get a better microphone if he wants to be heard clearly.

[@simonrowe3124]

… or more soft furnishings

[@PureOPwnage]

Amazing

[@thehungergames8918]

Good morning from Germany 🌈♿😃👋

[@AllNighterHeider]

Thanks David

[@filippxx]

Incredible interview, always glad to listen to prof. Fama.

[@dennissmith-tl8cs]

Strategic investing in the 90s is the only book YOU NEED TO TO MEMORISE. Completly to become a master .It is all there;You still have to be A master in trading.Which is a matter of hard work and common sense.

[@dennissmith-tl8cs]

your choice

[@BradMoyers]

Laptop mic 👎

[@sawtoothbygeorge]

With so much debt, lots of debt, too much debt, it's like good money chasing bad money. It will take massive amounts of money to create inflation from this point of view. Possible but not likely, the big boys want their money back plus interest, lots of interest.

[@analoglime]

Not sure what's better your guests or your hair

[@lotfyken2759]

Did Mr Chinatown do a Daniela Cambone ? Why did he leave Shitco ?

[@fkeopfkeop]

Someone please give the man a decent mic!

[@ibisman1593]

Nice lamp shade Eugene. I LIKE.

[@peteschammann4117]

David you need more contrast in your background. Otherwise great show. Good luck!

[@davidcollins8150]

David - if this dude is selling I am not buying

[@warrenmarc]

Surely its down to probability ! 50/50 chance...either correct or incorrect

[@matmorgan5752]

From what David Paul puts forward, yes if it’s a 50:50 system then ‘let the winners run’ and ‘cut the losers as fast as possible’ to not do damage to your capital.

[@lenagad]

I wonder if Armstrong Economy have crested such a forecasting program? He ha à LOT of crazy ideas dont Agree! But his forecasting in the programming are surprisingly accurate! I don’t know just noticing..,,,,

[@LarsLarsen77]

But equities are NOT a random walk. They have trends. They are cyclical.

[@issenvan1050]

How do you define value vs. growth?

[@walden6272]

Value pays dividends.

[@Archie-td6ox]

Your level of knowledge is evident by the quality of interviews you give! Keep up the great work David

[@TheAlexa6]

I’m wondering how the emergence of so many day traders with easy access to social media teaching technical analysis changes the game. So many new market participants applying TA, does this not become a self fulfilling prophecy to an extent?

[@Garce227]

Right on the CFA!

[@azamarabear]

David stop being so handsome

[@JorgeOrpinel]

Great interview. The only thing he doesn't seem to understand is AI because ML models are not "programs" in the traditional sense i.e. no person writes their internal logic. They "write themselves" (which is what people mean by "machine learning"). We do not really understand their "programming". He even says what they need is "better predictions of the future" -- that's EXACTLY what ML is all about, basically.

[@Adrian-gs9er]

Nobel dude: I don't know test it. We don't have enough information. Put your money in an index fund and forget it. Then the individuals in charge crash the markets, pick up equities for pennies, and you are left holding the bag. From a friggin Nobel prize winner's advice!

[@mattalderton3723]

Great video today