Active and Passive Investing

Believing in Efficient Markets and Active Management Can Coexist Neither rational nor behavioral economists would hold the market Eugene F. Fama Father of efficient markets; 2013 Nobel laureate in economics SITY OF AGO (AOR THE UN СР Y OF THE UNIVERSIT CHICA The real debate is about why they don't hold the market Richard H. Thaler Father of behavioral finance; 2017 Nobel laureate in economics Source: AQR, Famouseconomists.net, faculty.chicagobooth.edu, russellsage.org/ro. The use of the logos and pictures is for informational purposes only and is not authorized by, sponsored by or associated with the trademark owners. 4

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