Lars Peter Hansen

William Sharp, who I love, shared a Nobel Prize in 1990 for work on how risk and return fit together across a whole market.

Eugene Fama shared one in 2013 with Lars Peter Hansen and Robert Schiller, who argued markets get carried away.

With Kenneth French, Fama found that a few things mattered most for the ups and downs of a diversified mix of stocks, how much it moves with the market, and how much it leans towards smaller and cheaper companies.

Later, they added more profitable ones, so buying recent winners, called Momentum, got its landmark study back in 1993.

It's posted on the, it's posted on, um, I think it's on, I'm not sure, YouTube.

Lars Hansen was director of something called the Becker Friedman Institute, and he was asking Al Harberger, who built, who's one of the, you know, founders, you know, he followed TW Schultz and so forth, but he was definitely an active party to this building of the department.

"So how did you get such a strong department?" And he says, "Oh, hire department, how did you get such good hires?" and so forth.

He says, "We made decisions on the basis of reading the papers of these individuals, and we ask only one question, 'Did we learn anything from this person's work?'" That's not the practice, by the way.