I’ve posted Entry #315 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called We Learn About Investing (and Everything Else) By Talking About It.
Juicy Excerpt: What’s missing is the second part of the learning experience. We read words about what Shiller showed in his research. We make his books bestsellers. We praise him. We even award him Nobel prizes. But we don’t talk over what Shiller showed. I am the world expert re this one; I am banned at over 20 investing web sites. Most investors hate the idea of talking over what Shiller showed so much that they cannot tolerate the presence of posters who believe that he said something important and who explore the implications of his findings in the words that they put forward for the consideration of their fellow community members.
We don’t really know what Shiller taught us today. We kinda, sorta do. We can parrot back his words if prompted because we have read those words. But we haven’t yet learned much about what Shiller’s research brings to the table because we have not yet given ourselves permission to talk over the implications of what Shiller’s research brings to the table.