Eugene Fama failure

Fama's reasons was that Fat Tails were "incompatible with the tools in social science".

It's like using the map of Tokyo in Mexico because "here is a map".

The great Mandelbrot despised Fama whom he found both clueless & dishonorable. Fama was a French major & M supervised his thesis; they applied the Levy-Stable Distribution for markets (mistake since it's a limit not met preasymtotically).

Taleb actually wrote to Fama & got same HORRENDOUS answer.

he real world wasn't simple enough for MPT so Fama just tossed out the "awkward" parts.