J. V. Bruni and Company
1528 North Tejon Street
Colorado Springs, Colorado 80907
(719) 575-9880 or (800) 748-3409
J. V. Bruni and Company1528 North Tejon Street Colorado Springs, Colorado 80907 (719) 575-9880 or (800) 748-3409
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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. |
"Irrational Exuberance should be compulsory reading for anybody interested in Wall Street or financially exposed to it." The Economist |