Nobel bubbles

Stocktake - The Irish Times - Tue, Nov 26, 2013: "Renowned value investor Jeremy Grantham has harsh words for Alan Greenspan, Ben Bernanke and incoming Federal Reserve chief Janet Yellen in his latest letter, describing them as little more than bubble blowers. His real wrath, however, is reserved for efficient market theorists such as Eugene Fama (pictured above).
The recent decision to jointly award the Nobel prize in economics to Fama and Robert Shiller, who have diametrically opposed views, was a “farce”, says Grantham. Fama and his “laughable” efficient market hypothesis says bubbles do not and cannot occur, even though the last 25 years have seen four of the biggest bubbles in history."

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