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    Irrational Exuberance by Robert J. Shiller Summary

    Irrational Exuberance
    Robert J. Shiller
    3.98 (8384 Reviews)
    EconomicsFinancePsychology
    개요
    핵심 요점
    저자
    자주 묻는 질문

    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.

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    「Irrational Exuberance」베스트 인용구

    “

    Thus, a speculative bubble is defined as a situation in which news of price increases spurs investor enthusiasm, which spreads by psychological contagion from person to person, in the process amplifying stories that might justify the price increases, and bringing in a larger and larger class of investors, who, despite doubts about the real value of the investment, are drawn in partly through envy of others' successes and partly through a gambler's excitement.

    ”
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    Irrational Exuberance은 단순한 책이 아닙니다 — Economics의 마스터클래스입니다. 당신에게 가장 잘 맞는 방식으로 교훈을 흡수할 수 있도록 5가지 고유한 학습 모드를 제공합니다. 깊이 생각하는 사람이든, 빠른 학습자이든, 이야기를 좋아하는 사람이든, 당신의 스타일에 맞는 모드가 있습니다.

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    Irrational Exuberance의 핵심 아이디어를 이해하기 쉬운 포인트로 분해하여 혁신적인 팀이 어떻게 창조하고, 협력하고, 성장하는지 이해합니다.

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    "Reading used to feel like a chore. Now it’s just part of my lifestyle."

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    "Feels effortless compared to reading. I’ve finished 6 books this month already."

    @djmikemoore
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    "BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

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    DiscordLinkedIn
    추천 도서 요약
    Crucial ConversationsThe Perfect MarriageInto the WildNever Split the DifferenceAttachedGood to GreatSay Nothing
    인기 카테고리
    Self HelpCommunication SkillRelationshipMindfulnessPhilosophyInspirationProductivity
    유명인 추천 도서
    Elon MuskCharlie KirkBill GatesSteve JobsAndrew HubermanJoe RoganJordan Peterson
    수상작 컬렉션
    Pulitzer PrizeNational Book AwardGoodreads Choice AwardsNobel Prize in LiteratureNew York TimesCaldecott MedalNebula Award
    추천 주제
    ManagementAmerican HistoryWarTradingStoicismAnxietySex
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    2025 Best Non Fiction Books2024 Best Non Fiction Books2023 Best Non Fiction Books
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    Chimamanda Ngozi AdichieGeorge OrwellO. J. SimpsonBarbara O'NeillWinston ChurchillCharlie Kirk
    BeFreed vs 다른 앱
    BeFreed vs. Other Book Summary AppsBeFreed vs. ElevenReaderBeFreed vs. ReadwiseBeFreed vs. Anki
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    핵심 내용

    1

    The Market's Emotional Rollercoaster: Understanding Financial Manias

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    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.

    2

    The Perfect Storm: What Ignites Market Bubbles

    3

    The Feedback Loop: How Bubbles Feed Themselves

    4

    The "New Era" Illusion: How We Justify the Madness

    5

    The Psychology Behind Market Madness

    6

    The Herd Mentality: Ideas Spreading Like Wildfire

    7

    Beyond Efficient Markets: Embracing Human Reality