Prior to Eugene Fama’s 1965 contribution to the Financial Analysts Journal, making money on Wall Street was considered to be easy. The practical implication of the efficient market hypothesis (EMH) changed that presumption. Despite challenges to the hypothesis, small investors—those who are not professionals and have limited capital and limited access to special information—may as well assume that the EMH is true. Persistent outperformance requires skill and a professional status for security analysis—Benjamin Graham’s argument in 1945 for the establishment of the Financial Analysts Journal. Not surprisingly, the Journal has extensively covered discussions of the EMH and its practical and intellectual implications. Disclosure: The author reports no conflicts of interest. Editor’s Note Submitted 3 February 2020 Accepted 23 February 2020 by Heidi Raubenheimer, CFA, Luis Garcia-Feijóo, CFA, CIPM, Daniel Giamouridis, and Steven Thorley, CFA.

中文翻译：

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有效市场假说、金融分析师杂志和投资管理的专业地位

在尤金·法玛 (Eugene Fama) 1965 年为《金融分析师杂志》(Financial Analysts Journal) 撰稿之前，人们认为在华尔街赚钱很容易。有效市场假说（EMH）的实际含义改变了这一假设。尽管这一假设面临挑战，但小投资者——那些不是专业人士、资金有限且无法获得特殊信息的人——也可能会假设 EMH 是正确的。持续的卓越表现需要安全分析的技能和专业地位——本杰明格雷厄姆在 1945 年为建立金融分析师杂志而提出的论点。毫不奇怪，该杂志广泛报道了 EMH 及其实践和智力影响的讨论。披露：作者报告没有利益冲突。