Fama/French Bust Justin Fox's Rant Against Efficient Markets

Eugene Fama and Kenneth French's retort to Justin Fox's book that put the blame of the financial crisis on the failure of the efficient market hypothesis.

The book [The Myth of the Rational Market] is fun reading, but its main premise is fantasy. Most investing is done by active managers who don't believe markets are efficient. For example, despite my taunts of the last 45 years about the poor performance of active managers, about 80% of mutual fund wealth is actively managed. Hedge funds, private equity, and other alternative asset classes, which have attracted big fund inflows in recent years, are built on the proposition that markets are inefficient.

From Fama/French Forum Blog, "Is Market Efficiency the Culprit?"