Robert J. Shiller famous quotes

04-17-2025

Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity - or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.
-- Robert J. Shiller

#Expectations #Stupidity #Focus
The ability to focus attention on important things is a defining characteristic of intelligence.
-- Robert J. Shiller

#Inspirational #Focus #Important
It amazes me how people are often more willing to act based on little or no data than to use data that is a challenge to assemble.
-- Robert J. Shiller

#Data #People #Challenges
A major boom in real stock prices in the U.S. after 'Black Tuesday' brought them halfway back to 1929 levels by 1930. This was followed by a second crash, another boom from 1932 to 1937, and a third crash. Speculative bubbles do not end like a short story, novel, or play. There is no final denouement that brings all the strands of a narrative into an impressive final conclusion. In the real world, we never know when the story is over.
-- Robert J. Shiller

#Real #Play #Tuesday
Some of the best theorizing comes after collecting data because then you become aware of another reality.
-- Robert J. Shiller

#Reality #Data #Collecting
Somehow, talking to young students brings you back to reality - it should, anyway.
-- Robert J. Shiller

#Reality #Talking #Students
Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.
-- Robert J. Shiller

#People #Management #Beats
Stock prices are likely to be among the prices that are relatively vulnerable to purely social movements because there is no accepted theory by which to understand the worth of stocks....investors have no model or at best a very incomplete model of behavior of prices, dividend, or earnings, of speculative assets.
-- Robert J. Shiller

#Investing #Movement #Earning
I am worried that the collapse of home prices might turn out to be the most severe since the Great Depression.
-- Robert J. Shiller

#Home #Might #Great Depression
Economics is (now) about emotion and psychology.
-- Robert J. Shiller

#Inspire #Psychology #Challenges
As I write in 2012 we certainly do not believe that it is over yet, and the worst may be yet to come. Efforts by governments to solve the underlying problems responsible for the crisis have still not gotten very far, and the 'stress tests' that governments have used to encourage optimism about our financial institutions were of questionable thoroughness.
-- Robert J. Shiller

#Stress #Believe #Writing

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