This article provides a detailed analysis of Fama’s and Buffett’s views on market efficiency and behavioral finance. It discusses the implications for investors and firms, including the relevance of rationality in investment decisions and the role of financial crises. The article also explores the perspectives of Fama and Buffett on inflation, pensions, and stock market anomalies. Overall, it highlights the importance of evaluating market efficiency and hiring competent investment experts. Course: Finance