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Irrational Exuberance, by Robert J. Shiller.   Originally published in March 2000, the top of the recent market bubble, the jacket cover of Shiller's book reads, "[Irrational Exuberance] 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."  As they say, the rest is history.  Shiller, an economics professor at Yale University, wrote this book to describe not just that the market was historically overvalued in 2000, but why.  His book covers the structural factors (technological innovation and demographic trends), cultural factors (media and "new era" thinking), and psychological influences (anchoring and herd behavior) that led the stock market to ever higher levels.  He also describes both the historical data that led him to believe the market was overvalued and the conventional "wisdom" that prevented so many from seeing how wrong the market could be.  Shiller's book gives the reader a fascinating look at how history can be a guide to the future, and it serves as a warning to those who think markets always correctly reflect fundamentals.

ISBN: 0767907183
Format: Paperback, 352pp
Pub. Date: April 2001
Publisher: Broadway Books

 

 

 

 

 

 

 

"Irrational Exuberance should be compulsory reading for anybody interested in Wall Street or financially exposed to it."

The Economist