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Why Those Guys Won the Economics Nobels

Harvard Business Review

Others, most notably money managers and former Fama students Cliff Asness and John Liew in an epic Institutional Investor article , have done a lot recent to clarify how Fama’s ideas and Shiller’s can at least co-exist peacefully. Many lay readers are familiar with John Burr Williams and the dividend discount model , or the discounted value of future cash flows. Back in the ‘60s, people developed the capital asset pricing model [CAPM] as a way to do that.

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