CHICAGO -- Advisors have a tough job. Tough enough that Eugene Fama, the so-called father of efficient markets, wouldn't want it.

It's hard -- really hard -- to pick investments that outperform over time, Fama, the 2013 Nobel prize winner in economics, a professor at University of Chicago and a director and consultant for Dimensional Fund Advisors, argued during a session at HighTower's first annual conference here on Thursday.

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