I’ve posted Entry #344 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called If Shiller Is Right, Buy-and-Holders Should Be Feeling Intensely Emotional Today.
Juicy Excerpt: Some would say that investors were more emotional in the wake of the 2008 crash than they were in early 2000, when the P/E10 value was much higher. I view that as a surface perception. If you interviewed both sets of investors, you would have heard more expressions of worry from the investors of early 2009. I know that to be so because I was sitting in on lots of investors’ conversations via internet discussion boards at the time. But I can report that the investors of the early 2000s were “crazier” in important senses, based on interactions that I had on internet forums that I visited in those days.