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Irrational Exuberance
- Revised and Expanded Third Edition
- Narrated by: Mike Chamberlain
- Length: 13 hrs and 47 mins
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Irrational Exuberance
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Summary
In this revised, updated, and expanded edition of his New York Times best seller, Nobel Prize-winning economist Robert Shiller, who warned of both the tech and housing bubbles, cautions that signs of irrational exuberance among investors have only increased since the 2008-9 financial crisis.
With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. Previous editions covered the stock and housing markets - and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context.
In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity - and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to listen to this book.
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What listeners say about Irrational Exuberance
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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Overall3 out of 5 stars
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Performance2 out of 5 stars
- Kanjidude
- 05-11-22
Lack of quality control
It is clear that the audiobook should have come with a PDF containing many graphs and formulas referenced throughout the book, but alas it did not. Also, the audio quality of this audiobook is among the worst I have heard - shrill and unpleasant, as if it was recorded at too low volume and then grossly boosted in post.
As for the contents of the book itself, Shiller makes a convincing argument that the Efficient Market hypothesis - so popular in academic circles - fares poorly in the real world. Or at least that its validily can be questioned. Going through plenty of examples of historical bubbles in the stock, bond, and real estate markets throughout history, Shiller shines a light on how very human traders are. We are emotional, imperfect, prone to wishful thinking, fear, and herd behavior. All of the information presented isn't necessarily ground breaking news, but the breadth and width of examples is possibly without parallel. I particularly found the examples of how the stock, bond, and real estate markets can influence each other to be very interesting.
I did not particularly care for the final chapter of the book, in which Shiller hesitantly attempts to give suggestions for how the functioning of the markets might be improved. It felt more like reading the conclusion of an academic thesis, and is of little use for the average trader/person. But it can still be of interest if you are so inclined.
All in all an interesting book, held back by some technical problems.
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Mr Curious
- 02-12-23
Insightful
Worth a listen to complement the education in psychological aspects of investing as per other authors like Howard Marks. I particularly found insightful the content around analogies of feedback loops in science and the associations with investing behaviours.
Seems to be missing the pdf often mentioned as references in the audio, hence I’ve marked down to 4 stars.
Gave up on the final chapter as I found it too technical to absorb in audio formats.
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Overall1 out of 5 stars
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Performance1 out of 5 stars
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Story1 out of 5 stars
- Mllx
- 18-04-22
PDF not attached
PDF not attached so you can’t see the diagrams author refers to - a great shame.
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1 person found this helpful
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Overall2 out of 5 stars
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Performance2 out of 5 stars
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Story2 out of 5 stars
- Neil
- 28-11-23
Long
I'm sure this book had some interesting parts to it but they buried amongst significant amounts of padding. I found the subject matter extremely dry and unengaging. It might prove more of a hit if it were halved in length.
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