Econ 101

From Shiller:

“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.”

Nice quote from Shiller, but the rest of the article goes nowhere. Understanding all of that doesn’t translate to making money in the long run.

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