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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