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 we--as a country and individually--can respond. Shiller credits an unprecedented confluence of events with driving stocks to uncharted heights. He analyzes the ...
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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 we--as a country and individually--can 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 baby-boom generation builds long-term protection into the market, and herd behavior, such as day-trading. He also examines cultural factors, including sports-style media coverage of the Dow's ups and downs and "new era" thinking about the economy. He considers--and challenges--efforts to rationalize exuberance that are based on either efficient-markets 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 risk-management principles. Shiller's analysis is convincingly documented, and--regardless of the market's future behavior--his book will stand as an important elaboration of why stocks soared and what our investment alternatives are. Irrational Exuberance is a must-read for pension-plan 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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Add this copy of Irrational Exuberance to cart. $1.04, fair condition, Sold by Jenson Books Inc rated 5.0 out of 5 stars, ships from Logan, UT, UNITED STATES, published 2006 by Broadway Business.
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This item is fairly worn, but continues to work perfectly. Signs of wear can include aesthetic issues such as scratches, dents, worn corners, bends, tears, small stains, and partial water damage. All pages and the cover are intact, but the dust cover may be missing, if applicable. Pages may include excessive notes and highlighting, but the text is not obscured or unreadable. Satisfaction Guaranteed.
Add this copy of Irrational Exuberance to cart. $1.25, fair condition, Sold by Once Upon A Time Books rated 3.0 out of 5 stars, ships from Tontitown, AR, UNITED STATES, published 2000 by Princeton University Press.
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Fair in fair dust jacket. This is a used book. It may contain highlighting/underlining and/or the book may show heavier signs of wear. It may also be ex-library or without dustjacket. This is a used book. It may contain highlighting/underlining and/or the book may show heavier signs of wear. It may also be ex-library or without dustjacket.
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Good. The book may have minor cosmetic wear (i.e. creased spine/cover, scratches, curled corners, folded pages, minor sunburn, minor water damage, minor bent). The book may have some highlights/notes/underlined pages-Accessories such as CD, codes, toys, may not be included-Safe and Secure Mailer-No Hassle Return.
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Probably, the best book on a "new economy" topic. Highly recommended for stock market fans. In some respect better than "Random walk down Wall Street" with the same pro-american bias.
