Miguel Navascués | There are people who still believe the markets are efficient. When I say people, I mean a lot of people. Some of them unwittingly, of course. But the “progressive” academics, those who theorise about the matter, they believe in it consciously and defend it militantly. Its greatest defender is Eugene Fama, who won a Nobel Prize for Economy for this just a few years ago. The only thing to say is that Eugene believes that the 2008 financial crisis demonstrated the efficiency of the markets.