There is a reason why Robert Shiller was awarded a Nobel prize for his amazing research showing that valuations affect long-term returns. If that research is legitimate (I believe that it is), then it changes everything that we once thought we knew about how stock investing works.Q3 2020 hedge fund letters, conferences and moreWe believe that it is positive economic developments that cause stock prices to go up and negative economic developments that cause stock prices to go down. That seems intuitive. It makes sense. But what Shiller showed is that much of stock investing does not make sense….