Irrational Exuberance by Robert J. Shiller Summary
Overview of Irrational Exuberance
Nobel Prize-winner Robert Shiller's "Irrational Exuberance" predicted both the dot-com crash and housing bubble. Published precisely at Nasdaq's peak before its collapse, this economic prophecy earned Nassim Taleb's admiration and sparked fierce debates with Eugene Fama about market efficiency.
Similar books to Irrational Exuberance
Ressentez le livre à travers la voix de l'auteur
Transformez les connaissances en idées captivantes et riches en exemples
Capturez les idées clés en un éclair pour un apprentissage rapide
Profitez du livre de manière ludique et engageante
Points clés
The Market's Emotional Rollercoaster: Understanding Financial Manias
When Alan Greenspan uttered the phrase "irrational exuberance" in 1996, markets worldwide tumbled. Yet the Dow would triple before spectacularly crashing in 2000-exactly as economist Robert Shiller had predicted. What drives rational people to collectively lose their minds when it comes to asset prices? The answer lies in a powerful psychological feedback loop: news of price increases sparks enthusiasm, which spreads like a contagion, drawing in larger classes of investors. This creates a naturally occurring Ponzi scheme where early investors profit from later arrivals, all driven by the infectious narrative that prices will continue rising indefinitely. History reveals this pattern repeating with remarkable consistency. Looking at U.S. stock data since 1881, Shiller identified only three periods before 2000 when price-earnings ratios reached extraordinary heights-each followed by devastating crashes and decades of subpar returns. When Shiller constructed his Cyclically Adjusted Price-Earnings ratio (CAPE), he discovered the Millennium Boom's peak CAPE of 47.2 far exceeded even the 1929 peak of 32.6. The market wasn't responding to fundamentals-it was caught in the grip of a powerful psychological phenomenon that would eventually unravel with devastating consequences.
The Perfect Storm: What Ignites Market Bubbles
The Feedback Loop: How Bubbles Feed Themselves
The "New Era" Illusion: How We Justify the Madness
The Psychology Behind Market Madness
The Herd Mentality: Ideas Spreading Like Wildfire
Beyond Efficient Markets: Embracing Human Reality
Mode Résumé Rapide - Lisez ou écoutez le résumé de Irrational Exuberance en 10 minutes
Décomposez les idées clés de Irrational Exuberance en points faciles à comprendre pour découvrir comment les équipes innovantes créent, collaborent et grandissent.
Mode Fiches mémo - Top 10 Idées de Irrational Exuberance en Bref
Condensez Irrational Exuberance en indices de mémoire rapides mettant en évidence les principes clés de franchise, de travail d'équipe et de résilience créative.
Mode Fun - Leçons de Irrational Exuberance Racontées en Histoires de 22 Min
Découvrez Irrational Exuberance à travers des récits vivants qui transforment les leçons d'innovation en moments mémorables et applicables.
Mode Personnaliser - Lisez ou écoutez le résumé de Irrational Exuberance en 0 minutes
Posez n'importe quelle question, choisissez la voix et co-créez des idées qui résonnent vraiment avec vous.
Cree par des anciens de Columbia University a San Francisco
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
Cree par des anciens de Columbia University a San Francisco
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
Obtenez le resume de Irrational Exuberance en PDF ou EPUB gratuit. Imprimez-le ou lisez-le hors ligne a tout moment.