This Odd Lots podcast episode features an interview with Nobel Laureate Eugene Fama and David Booth, founder of Dimensional Fund Advisors, discussing their new documentary "Tune Out the Noise" about the birth of modern finance. The conversation covers the Efficient Markets Hypothesis (EMH), the role of data in investment strategies, the rise of passive investing, and the evolution of financial theory. Fama emphasizes that EMH is an approximation, not a literal truth, and that while some factors like size and value have historically outperformed, these are not guaranteed and can disappear due to market dynamics. Booth highlights the importance of well-diversified, low-cost portfolios and challenges the notion of "passive" investing as truly passive. The discussion concludes with reflections on the future of financial theory and a debate on the EMH's practical implications for investors.