Shiller credits an unprecedented confluence of events with driving stocks to uncharted heights. He analyzes the structural and psychological factors that explain why the Dow Jones Industrial Average tripled between 1994 and 1999, a level of growth not reflected in any other sector of the economy. In contrast to many analysts, Shiller stresses circumstances that alter investors' perceptions of the market. These include the entry of the Internet into American homes, the misimpression that the aging of the baby-boom generation builds long-term protection into the market, and herd behavior, such as day-trading. He also examines cultural factors, including sports-style media coverage of the Dow's ups and downs and "new era" thinking about the economy. He considers - and challenges - efforts to rationalize exuberance that are based on either efficient-markets theory, narrowly construed, or the claim that investors have only recently learned the true value of the market.
Irrational Exuberance is a must-listen for individual investors as well as investment professionals, pension-plan sponsors, and endowment managers everywhere. It will be studied by policy makers and anyone from Wall Street to Main Street who doesn't want to be caught sitting on the speculative bubble if (or when) it bursts.
Producer: Lisa Cahn
Original jacket design and illustration by Marek Antoniak
Jacket photo: Michael Marsland
©2000 Robert J. Shiller
(P) 2000 Random House, Inc
Nominee for Audio Publishers Association 2001 Audie Award, Business Information
"No one has explored the strange behavior of the American investor in the 1990s with more authority..." The New York Times
Judith Corstjens Author of: Xtensity, Why 5% of Dieters Succeed; Storewars: The Battle for Mindspace and Shelfspace; Strategic Advertising
I clicked this into my library without realising a) that it was abridged and b) that it is the 2000 edition not the 2005 revised edition. In other words, in my appreciation this purchase is a complete mistake. Why would the 2000 edition even still be in stock, once the post-2001 crash version is available? I'm going to try and send this book back.
"Very academic, but thorough and informative"
This audiobook is not for the faint of heart!
This is an academic overiew of behavioral finance. Not as thorough as a textbook, but it has the same flavor. With the acadmic perspective without the thoroughnes of an academic text, it reads like a litnay of hypothesis about the 'irrationality' of the stock market interspersed with anecdotal statistics and historical examples.
The book has a very one-sided view of the central controversy in the economics of Finance, which is the rationlity of the financial markets. His strong endorsement of behavorial finance and emphatic rejection of Efficient Market Theory detract from the power of some of the hypothesis he puts forward.
Because it is abridged, I cannot say if the book lost much in the abridgement. Being read by the author (a Yale economics professor), I would hope that this version keeps the essence of the unabridged text.
If you can survive what seems, at times, an interminable academic lecture, this book does offer lots of facts and insights useful to understanding how the financial markets funtion.
"in plain english"
great explanation of "what happened" during the bubble years and a must hear for anyone that invests.
"A good introduction to Market behaviour"
I listened to the book twice, only to digest the material once again.
It was very captivating to see how complex things are and how people
try to explain in very simplistic terms. I wish I had listened to
this book even earlier as it is a necessary book (in my opinion) to
one's own understanding of investing and its rewards.
"Good book for realists."
The realities presented in the book should not deter one from the financial markets, but should make one aware of the realities of this part of our society for better navigation. Thanks.
loved it. it doesn't get much better than this. I want expert investor criticism. please write a critique
A must read for every investor the 2008 crash prices who right he is!! Get it!
"Excellent book and narration, poor sound quality"
I am not sure. Sound quality is not good. Static noise in a few places.
Do a better quality control.
I never had audio book before. I just completed the first round of the book. It's a great book and excellent narration. But, the sound quality is not good. A few areas have static sounds and couldn't be heard clearly. I had to go to the book to read those parts again. I re-downloaded it and had same problem. I had to give low rating on performance because of technical issue, not narrator.Audio book is all about memory of the sound. I was so concentrated on listening. The static noise was too much for me. Every time when I listen close to those areas, I start prepare myself to the noise. It defeats the purpose.To be honest, my first experience with audio book is not good. Hope my comment can help you guys understand from user side and improve your quality.
"Audio will not run on Android or Linux."
Unable to listen to the audio since itunes is locked down for Windows and Mac, and you can't burn it to a CD so I can listen to it in the car. Seriously how am I supposed to listen to this? On my ANDROID smartphone? The only way I can listen to this is borrow a friends computer and see if I can install some badware on their computer so I can listen to it.
And the audio quality is bad, DRM bomb dropped, waste of $20. Don't make my mistake.
I've listened to robert shiller a lot he's a genius, but he erred when using itunes.
"very dated material"
I got it as a recommendation. I found it hard to follow and am not sure who might benefit from it, except hard core, read everything financial experts.
"I wish I read it earlier"
This book is extremely valuable to people want to manage their own money.
Different cases of Irrational Exuberance through out history. Human make the same mistakes over and over again
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