I’ve posted Entry #367 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called The Shiller Revolution Summed Up in Two Sentences.
Juicy Excerpt: Sometimes when I am ready to leave for an appointment five minutes before I need to leave, I will pull Irrational Exuberance off the bookshelf and turn to a random page and see what I find there. I did that the other day and these are the words that jumped out at me off of Page 254: “The U.S. stock market ups and downs over the last century have made virtually no sense ex post. It is curious how little known this simple fact is.”
Um — Okay. What do we do with that?