We are thrilled to share the news that, this week, Eugene Fama, the “father of modern finance,” was awarded the Nobel Prize in Economic Sciences. Professor Fama was honored along with fellow professors Lars Peter Hansen and Robert Shiller for their “empirical analysis of asset prices.” Among America’s most prolific and cited researchers, he focuses much of his study on market prices.

It is rewarding to see such a high level of recognition given to Professor Fama. His contributions have served as a bedrock for our investment philosophy and have shaped how we help our clients achieve their most important goals. All of us at Hill Investment Group congratulate Professor Fama on this great honor.

To read more, visit nobelprize.org.

This analysis of the US mutual fund industry performance casts doubt on the ability
of investors to form a winning long-term strategy by picking outperforming funds based on past returns. It also raises questions about the effectiveness of investment strategies that attempt to add value by identifying mispriced securities. Click here for the 2013 Mutual Fund Landscape Report from Dimensional.