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Earlier today, the Nobel committee announced three winners of the prize in economics: Eugene Fama, Robert Shiller, and Lars Peter Hansen.
Although they didn’t work together, their research shared a theme: predicting how markets work.
In its statement, the Nobel committee wrote: “There is no way to predict the price of stocks and bonds over the next few days or weeks. But it is quite possible to foresee the broad course of these prices over longer periods, such as the next three to five years. These findings, which might seem both surprising and contradictory, were made and analyzed by this year’s Laureates.”