I’ve posted Entry #687 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called Investor Irrationality Is Scary — That’s Why We Are So Reluctant to Talk About It.
Juicy Excerpt: But this idea that the number on the portfolio statement isn’t real – that’s weird, scary weird. You want to be able to count on some things in this life. The portfolio statement is produced by a big company that hires lots of well-credentialed people and it is presented in a formal and official way; it’s a no-nonsense document. And this Shiller fellow wants us to believe that the numbers are wildly off the mark? What else are we going to discover to make us feel that our society is not as stable as we have been led to believe?
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