People Spend More When Stock Prices Are High
People spend more when stock prices are high. It’s so obvious that it’s a silly thing to say. But I … Read more
People spend more when stock prices are high. It’s so obvious that it’s a silly thing to say. But I … Read more
Irrational exuberance. Shiller published his book by that name in early 2000. He published the research showing that irrational exuberance … Read more
Does market timing work? Most stock investors would answer “no” to that question. There are some who try it from … Read more
I wrote last week about how statements discouraging market timing/price discipline are wealth destroyers. It would be impossible for the … Read more
Irrational exuberance is nasty stuff. It appears when investors crave more in the way of stock gains than increases in … Read more
I remember reading the article on the front page of the New York Times reporting on how Robert Shiller and … Read more
Robert Shiller has described the intellectual leap from the finding that short-term price changes are unpredictable (University of Chicago Economics … Read more
Stock prices are up because technological innovations have the potential to bring in an era of increased economic productivity. Stock … Read more
We are as a people still in the process of coming to understand how stock investing works. I believe that … Read more
Buy-and-Hold makes sense. I don’t like it. I believe that the relentless promotion of the Buy-and-Hold strategy, especially the claim … Read more
The fair-value CAPE value is 17. That’s the mean value experienced over the history of the U.S. stock market. The … Read more
I entered a Google search for the question “Is the stock market efficient or is it not?” The statements that … Read more
The most dramatic damage done by the promotion of Buy-and-Hold stock investment strategies is experienced during price crashes. Buy-and-Holders urge … Read more
Rationality is about making informed choices. You could just eat whatever you feel like eating. But, if you are rational, … Read more
Buy-and-Hold has been a disaster. I have great respect for what the Buy-and-Holders tried to do. The reason why I … Read more