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Irrational Exuberance by Robert J. Shiller

Irrational Exuberance

by Robert J. Shiller

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Great book. Explains the mentality and economic principles behind bubbles, especially the recent tech and housing bubbles. ( )
  fliesbath | Oct 26, 2015 |
Sometimes stresses the long-term picture, but it must be noted that that is still based on trends and patners. Goes through 12 factors. Links Ash, Milgram experiments to learning about authority/majority being right-information. People have inconsistent views.
  ohernaes | Mar 7, 2015 |
Moderately interesting, although a bit tedious. Markets are not rational, and Shiller gives chapter and verse why they aren't. Biggest take away for me is that we usually assume individual biases and irrationality cancel out, so that we can assume markets behave as though each individual is rational. Shiller explains why that irrationality doesn't cancel out across investors. ( )
  jvgravy | Feb 28, 2015 |
Excellent Analysis - my copy has been signed by the author when he was in Australia
  ozbook | Dec 13, 2014 |
I couldn't resist a book with a chapter called, 'Naturally Occurring Ponzi Processes'. That has to be my favourite title for anything in the last 10 years. Talk about the what that explains everything. "Donna, what happened to you? Are you just another fuck-up? Is that it? What happened to you?" "No. No! It's those naturally occurring ponzi processes. They get me every time. And now...(exhale)...they got me that one time too many."
This book has a lot of information you don't know you need to know, explained clearly. Even if you have no money, and the taxman doesn't talk to you about poetry, it's good to be mindful of the steps in a random walk. ( )
  dmarsh451 | Apr 1, 2013 |
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Amazon.com Amazon.com Review (ISBN 0767923634, Paperback)

CNBC, day trading, the Motley Fool, Silicon Investor--not since the 1920s has there been such an intense fascination with the U.S. stock market. For an increasing number of Americans, logging on to Yahoo! Finance is a habit more precious than that morning cup of joe (as thousands of SBUX and YHOO shareholders know too well). Yet while the market continues to go higher, many of us can't get Alan Greenspan's famous line out of our heads. In Irrational Exuberance, Yale economics professor Robert J. Shiller examines this public fascination with stocks and sees a combination of factors that have driven stocks higher, including the rise of the Internet, 401(k) plans, increased coverage by the popular media of financial news, overly optimistic cheerleading by analysts and other pundits, the decline of inflation, and the rise of the mutual fund industry. He writes: "Perceived long-term risk is down.... Emotions and heightened attention to the market create a desire to get into the game. Such is irrational exuberance today in the United States."

By history's yardstick, Shiller believes this market is grossly overvalued, and the factors that have conspired to create and amplify this event--the baby-boom effect, the public infatuation with the Internet, and media interest--will most certainly abate. He fears that too many individuals and institutions have come to view stocks as their only investment vehicle, and that investors should consider looking beyond stocks as a way to diversify and hedge against the inevitable downturn. This is a serious and well-researched book that should read like a Stephen King novel to anyone who has staked his or her future on the market's continued success. --Harry C. Edwards

(retrieved from Amazon Thu, 12 Mar 2015 18:06:34 -0400)

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"Robert J. Shiller offers an unconventional interpretation of recent U.S. stock market highs and shows that Alan Greenspan's term "irrational exuberance" is a good description of the mood behind the market. He warns that poorer performance may be in the offing and tells us how we - as a society and individually - can respond." "Irrational Exuberance is for individual investors as well as investment professionals, pension-plan sponsors, and endowment managers everywhere. It will be studied by policy makers and anyone from Wall Street to Main Street who doesn't want to be caught sitting on the speculative bubble if (or when) it bursts."--BOOK JACKET.… (more)

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