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Irrational Exuberance,New
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In this bold and potentially urgent volume, Robert J. Shiller, a respected expert on market volatility, 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 weas a country and individuallycan respond.Shiller credits an unprecedented confluence of events with driving stocks to uncharted heights. He analyzes the structural and psychological factors that explain why the Dow Jones Industrial Average tripled between 1994 and 1999, a level of growth not reflected in any other sector of the economy. In contrast to many analysts, Shiller stresses circumstances that alter investors' perceptions of the market. These include the entry of the Internet into American homes, the misimpression that the aging of the babyboom generation builds longterm protection into the market, and herd behavior, such as daytrading. He also examines cultural factors, including sportsstyle media coverage of the Dow's ups and downs and 'new era' thinking about the economy. He considersand challengesefforts to rationalize exuberance that are based on either efficientmarkets theory, narrowly construed, or the claim that investors have only recently learned the true value of the market.In the most controversial portion of the book, Shiller cautions that a market that is overvalued by historical standards is inherently precarious. Among his prescriptions is an urgent plea to immediately end what he argues are perilous schemes to privatize social security in favor of plans to reform it. He also argues that private pension plans that encourage many people to put their entire retirement funds in the stock market should be modified. And he calls on our savings and investment institutions to take more sensible account of emerging riskmanagement principles. Shiller's analysis is convincingly documented, andregardless of the market's future behaviorhis book will stand as an important elaboration of why stocks soared and what our investment alternatives are.Irrational Exuberance is a mustread for pensionplan sponsors and endowment managers in the United States and abroad. It will also be studied by investment advisers, 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.
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This product may contain chemicals known to the State of California to cause cancer, birth defects, or other reproductive harm.
For more information, please visit www.P65Warnings.ca.gov.
- Q: How many pages does 'Irrational Exuberance' have? A: This book has three hundred twelve pages. It offers a comprehensive exploration of market volatility and investor psychology.
- Q: What is the binding type of 'Irrational Exuberance'? A: The book is hardcover. This ensures durability, making it suitable for frequent reading and reference.
- Q: Who is the author of 'Irrational Exuberance'? A: The author is Robert J. Shiller. He is a renowned expert in economic behavior and market volatility.
- Q: What is the reading level for 'Irrational Exuberance'? A: This book is suitable for adults and advanced readers. It discusses complex financial concepts in detail.
- Q: What themes are explored in 'Irrational Exuberance'? A: The book explores themes of market psychology, volatility, and economic behavior. It critically examines the factors behind stock market trends.
- Q: Is 'Irrational Exuberance' suitable for beginners in investing? A: While beginners can read it, prior knowledge of financial concepts is beneficial. The book delves into sophisticated topics that may be complex for novices.
- Q: How should I care for 'Irrational Exuberance' to keep it in good condition? A: Keep the book in a dry, cool place and avoid exposing it to direct sunlight. Regularly dust it to maintain its condition.
- Q: Can I use a bookmark in 'Irrational Exuberance'? A: Yes, you can use a bookmark. It won't damage the pages, making it easy to mark important sections for future reference.
- Q: Is 'Irrational Exuberance' a good resource for financial planners? A: Yes, it is an excellent resource for financial planners. The insights provided can enhance understanding of market behavior and client advising.
- Q: What if 'Irrational Exuberance' arrives damaged? A: If it arrives damaged, you can request a return or exchange. Ensure you contact the seller promptly to address any issues.
- Q: What is the main argument of 'Irrational Exuberance'? A: The main argument is that the stock market is overvalued and prone to volatility. Shiller emphasizes the need for caution in investment strategies.
- Q: Does 'Irrational Exuberance' include historical market analysis? A: Yes, it includes extensive historical market analysis. Shiller uses data to support his claims about market behavior and investor psychology.
- Q: What is the genre of 'Irrational Exuberance'? A: The genre is non-fiction, specifically focusing on economics and investing. It provides analytical insights into financial markets.
- Q: Are there any recommended actions for investors in 'Irrational Exuberance'? A: Yes, Shiller recommends re-evaluating investment strategies. He suggests diversifying portfolios and being cautious with stock market reliance.
- Q: Is there an index or glossary in 'Irrational Exuberance'? A: Yes, the book typically includes an index. This helps readers locate specific topics and references throughout the text.