26. From Robert Haugen, The New Finance: The Case against Efficient Markets, based on Fama & French 1992
27.
28. From Robert Haugen, The New Finance: The Case against Efficient Markets, based on Fama & French 1992 Beta
29. 100 Most-Cited Researchers in Economics SOURCE: ISI Essential Science Indicators Ā Ā Ā Ā Ā Ā Web based product from the September 1, 2002 update covering a ten year plus six month period, January 1992 - June 30, 2002. Ā Ā Ā RANK SCIENTIST PAPERS CITATIONS CITATIONS PER PAPER 1 SHLEIFER, A 50 1,717 34.34 2 FAMA , EF 20 1,242 62.10 3 LEVINE, R 22 1,205 54.77 4 KAHNEMAN, D 16 1,122 70.12 5 VISHNY, RW 23 1,043 45.35 6 MURPHY, KM 20 984 49.20 7 TVERSKY, A 13 901 69.31 8 SALAIMARTIN, X(*) 19 894 47.05 9 FRENCH , KR 14 881 62.93 10 ANDREWS, DWK 27 856 31.70
43. Total return on some funds in the portfolio Note: Not all funds held all 8 years.
44. ā Having spent nearly a decade writing about investment management for the little guy, I have come to the conclusion that I no longer believe in the basic premise of my public personaāa surreal cross between Harry Markowitz and Johnny Appleseed, as a friend put it. ā A decade ago, I really did believe that the average investor could do it himself. After all, the flesh was willing, the vehicles were available, and the math wasnāt that hard. ā I was wrong. Having emailed and spoken to thousands of investors over the years, Iāve come to the sad conclusion that only a tiny minority, at most one percent, are capable of pulling it off.ā -- William J. Bernstein, Efficient Frontier, Winter 2003 http://www.efficientfrontier.com/ef/103/probable.htm