It was just starting to be. The development of the theory, empirical work and computers all joined together to make an explosion of work in this area. We're advantaged relative to other areas of economics because data on markets are much easier to get than like, macroeconomic data, other data of higher quality for markets, things that economists tend to work with. Well, I think it is probably the second. Until you find something that can replace the theory of efficient markets with a systematic alternative theory, you don't have anything.
Scientific hypothesis is either true or false.
The problem with anomalies is that you don't see one you don't like. But you have to develop a scientific theory that would explain this phenomenon. Quite a bit. All their fixed-income products are based on research that I did ten or twenty years ago. And I've been on their board of directors since they started.