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«The business of central banks is like pornography»

«The stock market crash during the financial crisis wasn’t that unusual.»

Professor Fama, negative interest rates are turning the credit process upside down. What’s their impact on the efficiency of financial markets?

But isn’t there a risk that central banks are distorting asset prices with negative interest rates and other unconventional policy tools?

But in the past, every time the Federal Reserve launched a new bond buying program the financial markets rallied.

So what would be a better way to get the economy going?

Then again, history shows that free markets can lead to irrational exuberance and even speculative bubbles.

Does that mean that markets never make mistakes? How about the staggering high equity valuations  during the dotcom hype?

But what about emotions like fear and greed? Aren’t they the ever driving forces of financial markets?

Yet, if greed takes over in the financial markets the consequences for the real world can be catastrophic. The best example is the financial crisis of 2008/09. 

The crash of housing prices in the US was also called a “Black Swan”. How do you explain such a very rare event, that was unthinkable to happen?

What does that mean for investors?

Your research plays also an important role with respect to the investment firm Dimensional Fund Advisors, which focuses on passive investment strategies. Why should passive strategies provide investors with a better chance of returns than an active equity selection?

But what about a highly successful investor like Warren Buffett? Is he just a lucky guy?

Let’s go back to the financial crisis one more time. What’s the big lesson of 2008/09 in your view?

What should be done to solve Too Big to Fail?

What else is worrying you?

What will be the consequences of these demographic changes?