The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.

I did an MBA at Chicago Booth in 2006-08 and was lucky enough to attend the classes of three professors who later won the Nobel Prize in Economic Science: Eugene Fama (2013), Richard Thaler (2017) and Douglas Diamond (2022).

Interestingly, Fama and Thaler both won the award, but with contrasting theories. Fama won the award for his efficient market hypothesis, which suggests that stock prices reflect all available information, making it difficult to consistently outperform the market. Thaler won his award for his work in behavioural economics, showing how investors’ rationality is limited and influenced by psychological factors.

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