Marty Whitman Disappointed That Nobel Prize Awarded To Eugene FamaVW Staff
From Marty Whitman's annual report
Dear Fellow Shareholders:
Academics involved with finance restrict their studies to analyzing markets and securities prices. As far as they are concerned, the study of companies and the securities they issue are someone else’s business. I am disappointed that a Nobel Prize was awarded to Eugene Fama, who studies only markets and prices; and whom, I daresay, does not focus on Form 10-Ks or the footnotes to a corporation’s audited financial statements. In fact there is no way of determining whether any market is efficient or not in measuring underlying values . . .
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