Celebrating Groundbreaking Research with Giants of Finance In this article from Dimensional

• This year marks the anniversaries of research that laid the foundation for a new way to invest.
• Merton’s Intertemporal Capital Asset Pricing Model (ICAPM) (1973), the Fama/French three-factor model (1993), and Novy-Marx’s profitability research (2013) underpin Dimensional strategies.
• In the third of three conversations, we hear from Robert Novy-Marx about finding profitability as a driver of expected stock returns.