Tuesday, August 18, 2015

Gene Fama's advising style

One thing that was pretty important for me in my development was an office visit with Eugene Fama, my dissertation adviser, where I had a couple of ideas to pitch for a dissertation. I pitched the first idea, and he barely looked up from whatever paper he was reading and shook his head, saying, "That's a small idea. I wouldn't pursue it." Then I hit him with the second idea, which I thought was way better than the first one. And he kind of looked up and said, "Ehh, it's OK. It's an OK idea." He added, "Maybe you can get a publication out of it, but not in a top journal." He indicated I should come back when I had another.

Even though he had shot down both of my ideas, I left feeling energized. The message from him was that I had a chance of hitting a big idea. That interaction, which I am sure he doesn't remember, was very influential — it pushed me to search for big ideas and not settle on the small ones.
--Campbell Harvey, Econ Focus, on Chicago love