Why Those Guys Won the Economics Nobels
Harvard Business Review
APRIL 2, 2014
Shiller hammered away on this point in the ‘80s, and in fact Fama also published some of the same observations. Whereas if you’re talking about macro things, the big, long swings in the market, the fact that stocks were so expensive in the 2000s and so cheap in the fall of 2008 is very difficult to arbitrage away.
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