Why Those Guys Won the Economics Nobels
Harvard Business Review
APRIL 2, 2014
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.