Stock prices are likely to be among the prices that are relatively vulnerable to purely social movements because … - Robert J. Shiller

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Quote of the day

I understand that in the industry, a lot of it isn't real. Which is a difficult thing. Where I come from a lot of people are straightforward and I've had to learn how to not say exactly what I feel. Sometimes it gets frustrating being a person who says what he feels and what his heart is telling him. Every once in a while I fall into letting the industry get the best of me and not just saying exactly what I feel.

Robert J. Shiller

Stock prices are likely to be among the prices that are relatively vulnerable to purely social movements because there is no accepted theory by which to understand the worth of stocks. . . . investors have no model or at best a very incomplete model of behavior of prices, dividend, or earnings, of speculative assets.

Accepted, Earning, Incomplete, Investing, Movement, Theory

Same Author Quotes

Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity - or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.

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In the longer run and for wide-reaching issues, more creative solutions tend to come from imaginative interdisciplinary collaboration.

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It amazes me how people are often more willing to act based on little or no data than to use data that is a challenge to assemble.

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The ability to focus attention on important things is a defining characteristic of intelligence.

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Some of the best theorizing comes after collecting data because then you become aware of another reality.

Become, Collecting, Data, Reality