SO YOU THINK STOCK PICKING IS A FOOL'S GAME

摘要

D-F-A are three letters that, put together, have meant little to most individual investors. That's changing, and odds are rising fast that if you talk with a financial adviser, you'll hear about DFA. Short for Dimensional Fund Advisors, DFA is a California firm whose office overlooks the Pacific from a neat perch on the bluffs at Santa Monica. It's filled with a flock of efficient-market types, including the University of Chicago's Eugene Fama, who first proposed the efficient markets hypothesis (that is, that stock prices swiftly and correctly reflect information, making attempts to beat the market the work of fools).