Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:
You can spend what you have on your statement. You can’t spend what you don’t have (like a $500 million fantasy scenario).
I wouldn’t feel comfortable counting on money that is only irrational exuberance when doing my retirement planning. To me, that’s like counting on a feeling that you have when you are drunk that you can run red lights and not get hurt. The red lights are there for a reason. Shiller’s Nobel-prize-winning research is there for a reason.
Rob
feed twitter twitter facebook