Economics
The market that supposedly already knows everything
In 1970, economist Eugene Fama formalised the efficient-market hypothesis: stock prices instantly reflect all available information, making it near-impossible to consistently beat the market by acting on public news. He split the idea into weak, semi-strong and strong forms. It won Fama a share of the 2013 Nobel Prize — awarded the same year as a rival who argued markets are often irrational.