There are two types of stock gains. There are real gains, which are rooted in economic productivity, and there is irrational exuberance, which is rooted in investor emotionalism. Set forth…
Author archives: robbennett
All Discussions of Stock Investing Should Acknowledge That There Are Two Schools of Academic Thought re the Basics
Shiller changed everything that we once thought we knew about stock investing when he published research showing that valuations affect long-term returns. This finding was a “revolutionary” (the word appears…
The Size Of An Investor’s Stock Portfolio Tells Him How Well He Has Done With His Life
Robert Shiller’s research brought on a “revolutionary” (this word appears in the subtitle of Shiller’s book) advance in our understanding of how stock investing works. But few people appreciate that…
It’s Human Emotions That Swing Wildly, Not The Economy Or The Value Of The Stock Market
Shiller’s amazing research findings changed everything. The word “revolutionary” appears in the subtitle of Shiller’s book and his ideas about how stock investing works live up to the grand claim….
Interest Rates Would Stabilize If Shiller’s Research Was Discussed Openly
We’re trapped. Q4 2021 hedge fund letters, conferences and more Interest rates are low. Inflation is high. If interest rates are increased to to reflect today’s inflation rate, stock prices…
The Case for Buy-and-Hold
I am not a Buy-and-Holder. Buy-and-Hold encourages people to believe that irrational exuberance (stock gains that are rooted only in investor emotion and that thus never last) is real. I…
Shiller’s Research Is a Money-Maker for the Investment Advice Field
I don’t believe that market timing is a bad idea. I believe that it’s the best idea there is. If Shiller’s Nobel-prize-winning research is legitimate research, irrational exuberance is a…
Investors Should Cultivate Negative Views Toward Stocks
Most people love stocks. With good reason. Q3 2021 hedge fund letters, conferences and more Positive Emotions Toward Stocks The average long-term return on U.S. stocks is 6.5 percent real….
Even People Who Believe In Shiller’s Research Aren’t Getting The Full Benefit Of It
I believe that Robert Shiller’s Nobel-prize-winning research revolutionizes the field of investment advice. Shiller showed that irrational exuberance is a thing. During the Buy-and-Hold Era, we treated all investment gains…
The Efficient Market Concept Is Wrong But Not Absurd
It’s the idea that the stock market is efficient that started all the trouble. Q3 2021 hedge fund letters, conferences and more If no one had ever thought of that…