| Irrational Exuberance [E-BOOK: ADOBE READER] von Robert J. Shiller | ||||||||||||||||||||
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Read it • • • • • (bewertet mit 4 von 5 Punkten) This book is very commented upon, so I'll try to make this short. First - it walks like a duck, but is it a duck? In a book entirely devoted to the subject of overvaluation, I'd expect better proof than aggregate P/E ratios and circumstantial evidence from psychological research. The industry - self-interested as it is - routinely produces valuation measures by sector, including eg P/E to growth which should be a better gauge than P/E alone. Doing this places most of the blame on TMT segments, not on the whole market. Second - policy implications are weakish. Although the investing-for-retirement issue is important, most of the advice is "do not put all eggs in the equity basket", which is just fine, and "buy TIPS", which is also fine, but overall the policy chapter reminds a bit of the mountain giving birth to a mouse. Third - the book is clearly written, well documented, and tries to look beyond the US scene (though most of the "behavioral" stuff is in fact very American). Which is fine as most US writers do not give a damn for evidence from the rest of the world. Fourth - stars should measure the book's usefulness, not its adherence to what the reviewer thinks. If you sift the reviews with this criterion (taking out the angry and the hagiographic ones), the average star grade increases. This says the book should be read, and that's my conclusion too. I even irrationally bought it before it was discounted, but maybe that will be the market's story too, in a few months! --Dieser Text bezieht sich auf eine andere Ausgabe: Unbekannter Einband. Eine Rezension von tusitala aus Milano, MI Italy
vom 5. Juli 2000 | |||||||||||||||||||
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