Publisher Description
With a new Afterword on the current state of the stock market, the ongoing debate over the “new economy,” and the larger implications of “irrational exuberance.” In this controversial, hard-hitting account of today’s explosive market, Robert J. Shiller, a leading expert on market volatility, evokes Alan Greenspan’s infamous 1996 reference, “irrational exuberance,” to explain the alternately soaring and declining stock market. Shiller’s unconventional yet persuasive argument credits an unprecedented confluence of events with driving stocks to uncharted heights, and he analyzes the structural, cultural, and psychological factors behind these levels of growth not reflected in any other sector of the economy. Now more relevant than ever, this analysis is both chilling and convincing—a must-read for the individual investor, the policy maker, and the investment professional.
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“This is definitely not a light read, as it took me a couple of months to get through it. Shiller’s style is very academic, with a fair amount of data/data analysis. He is also, in a word, brilliant. He provides many convincing arguments against efficient markets, predicting the .com bubble just months before it happened. Of course it is even more applicable today after the recent real estate bubble burst. My only other complaint was the recommendations he made. After providing strong evidence proving his point, he didn’t really convince me on the best way to address the issues at hand. Maybe that was the intention; that we must be human beings who make mistakes even in the stock market.”
—
Christie (4 out of 5 stars)
