<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>dredmorbius</author><text>Fama himself proposed the efficient markets hypothesis, to some acclaim:&lt;p&gt;&lt;i&gt;EMH is the closest finance has to a “theory of everything”, and won Fama the Nobel Prize for Economics in 2013. But it remains as controversial today as it did when Fama first proposed it half a century ago.&lt;/i&gt;&lt;p&gt;(From TFA.)&lt;p&gt;The fact that the hypothesis&amp;#x27;s own formulator and presumably chief cheerleader now has his doubts &lt;i&gt;is&lt;/i&gt; worthy of comment.</text><parent_chain><item><author>pembrook</author><text>Maybe this is a revelation to…someone? I don’t know why Eugene Fama saying this in 2024 is considered news. The guys entire body of research since the 1960s is about market inefficiencies.&lt;p&gt;Amazing that 100 years later we’re still unable to grasp the nuance of the efficiency idea.&lt;p&gt;We settled this one forever ago, but somehow armchair internet commenters still think they can zing the entire field of economics by saying “lol you guys still think people are efficient robots.” Cool 1940s insult, bro.&lt;p&gt;Yes, obviously markets aren’t perfectly efficient and nobody believes they are. But they trend toward efficiency over time. Ignore this at your own peril.</text></item></parent_chain></comment><story><title>Economist Eugene Fama: &apos;Efficient markets is a hypothesis. It&apos;s not reality</title><url>https://www.ft.com/content/ec06fe06-6150-4f39-8175-37b9b61a5520</url></story>
<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>ksynwa</author><text>&amp;gt; But they trend toward efficiency over time.&lt;p&gt;What does efficiency mean here? And can you support this claim?</text><parent_chain><item><author>pembrook</author><text>Maybe this is a revelation to…someone? I don’t know why Eugene Fama saying this in 2024 is considered news. The guys entire body of research since the 1960s is about market inefficiencies.&lt;p&gt;Amazing that 100 years later we’re still unable to grasp the nuance of the efficiency idea.&lt;p&gt;We settled this one forever ago, but somehow armchair internet commenters still think they can zing the entire field of economics by saying “lol you guys still think people are efficient robots.” Cool 1940s insult, bro.&lt;p&gt;Yes, obviously markets aren’t perfectly efficient and nobody believes they are. But they trend toward efficiency over time. Ignore this at your own peril.</text></item></parent_chain></comment><story><title>Economist Eugene Fama: &apos;Efficient markets is a hypothesis. It&apos;s not reality</title><url>https://www.ft.com/content/ec06fe06-6150-4f39-8175-37b9b61a5520</url></story>