<p>RE Gene Fama: He is far more than EMT. He essentially brought economic theory to the analysis of financial markets. And anyone who really understood EMT would also understand that it is part of a larger body of work that describes an approach to the understanding of capital markets, where market imperfections CAN exist, and are there to be discovered, exploited and thereby driving the market back to equilibrium and “efficiency”.</p>
<p>Frankly, it has puzzled me that he has not won already. I suspect it is because his work is too “practical” - people can make money (or avoid losing it!) through his work.</p>