The Stock Market Seems Safer If We Presume Rational Investors

Stock investing is scary.Q2 2020 hedge fund letters, conferences and moreI believe that that is the core reason why there has been so little examination of the far-reaching implications of Robert Shiller’s Nobel-prize-winning research in the 39 years since it was published.What Causes Price Changes In A Rational Market?In the pre-Shiller years, the thought was that the market is efficient. That’s another way of saying that the market is rational. In a rational market, price changes are caused by economic developments and the numbers on your portfolio statement report accurately the lasting val…

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HEDGE accordingly