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Irrational Exuberance | [Robert J. Shiller]

Irrational Exuberance

In this bold and potentially urgent volume, Robert J. Shiller, a respected expert on market volatility, offers an unconventional interpretation of recent U.S. stock market highs and warns that poorer performance may be in the offing. He tells us how we - as a society and individually - can respond. Hear an exclusive interview with Robert J. Shiller - FREE!
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Publisher's Summary

In this bold and potentially urgent volume, Robert J. Shiller, a respected expert on market volatility, offers an unconventional interpretation of recent U.S. stock market highs and shows that Alan Greenspan's term "irrational exuberance" is a good description of the mood behind the market. He warns that poorer performance may be in the offing and tells us how we - as a society and individually - can respond.

Shiller credits an unprecedented confluence of events with driving stocks to uncharted heights. He analyzes the structural and psychological factors that explain why the Dow Jones Industrial Average tripled between 1994 and 1999, a level of growth not reflected in any other sector of the economy. In contrast to many analysts, Shiller stresses circumstances that alter investors' perceptions of the market. These include the entry of the Internet into American homes, the misimpression that the aging of the baby-boom generation builds long-term protection into the market, and herd behavior, such as day-trading. He also examines cultural factors, including sports-style media coverage of the Dow's ups and downs and "new era" thinking about the economy. He considers - and challenges - efforts to rationalize exuberance that are based on either efficient-markets theory, narrowly construed, or the claim that investors have only recently learned the true value of the market.

Irrational Exuberance is a must-listen for individual investors as well as investment professionals, pension-plan sponsors, and endowment managers everywhere. It will be studied by policy makers and anyone from Wall Street to Main Street who doesn't want to be caught sitting on the speculative bubble if (or when) it bursts.

Hear an exclusive interview with Robert J. Shiller.

Producer: Lisa Cahn
Original jacket design and illustration by Marek Antoniak
Jacket photo: Michael Marsland
©2000 Robert J. Shiller
(P) 2000 Random House, Inc

What the Critics Say

  • Nominee for Audio Publishers Association 2001 Audie Award, Business Information

"No one has explored the strange behavior of the American investor in the 1990s with more authority¿" The New York Times

What Members Say

Average Customer Rating

4.0 (137 )
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3.8 (44 )
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Story
3.8 (43 )
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Performance
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  •  
    Timothy Chapel Hill, NC, USA 09-23-04
    Timothy Chapel Hill, NC, USA 09-23-04 Member Since 2001
    HELPFUL VOTES
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    "Very academic, but thorough and informative"

    This audiobook is not for the faint of heart!

    This is an academic overiew of behavioral finance. Not as thorough as a textbook, but it has the same flavor. With the acadmic perspective without the thoroughnes of an academic text, it reads like a litnay of hypothesis about the 'irrationality' of the stock market interspersed with anecdotal statistics and historical examples.

    The book has a very one-sided view of the central controversy in the economics of Finance, which is the rationlity of the financial markets. His strong endorsement of behavorial finance and emphatic rejection of Efficient Market Theory detract from the power of some of the hypothesis he puts forward.

    Because it is abridged, I cannot say if the book lost much in the abridgement. Being read by the author (a Yale economics professor), I would hope that this version keeps the essence of the unabridged text.

    If you can survive what seems, at times, an interminable academic lecture, this book does offer lots of facts and insights useful to understanding how the financial markets funtion.

    6 of 6 people found this review helpful
  •  
    chris m. nj 04-18-05
    chris m. nj 04-18-05 Member Since 2002
    HELPFUL VOTES
    4
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    "in plain english"

    great explanation of "what happened" during the bubble years and a must hear for anyone that invests.

    1 of 1 people found this review helpful
  •  
    Ramesh 02-28-05
    Ramesh 02-28-05
    HELPFUL VOTES
    39
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    7
    6
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    "A good introduction to Market behaviour"

    I listened to the book twice, only to digest the material once again.
    It was very captivating to see how complex things are and how people
    try to explain in very simplistic terms. I wish I had listened to
    this book even earlier as it is a necessary book (in my opinion) to
    one's own understanding of investing and its rewards.

    1 of 1 people found this review helpful
  •  
    Hui Union City, CA, United States 10-23-13
    Hui Union City, CA, United States 10-23-13
    ratings
    REVIEWS
    1
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    "Excellent book and narration, poor sound quality"
    Would you recommend this book to a friend? Why or why not?

    I am not sure. Sound quality is not good. Static noise in a few places.


    How could the performance have been better?

    Do a better quality control.


    Any additional comments?

    I never had audio book before. I just completed the first round of the book. It's a great book and excellent narration. But, the sound quality is not good. A few areas have static sounds and couldn't be heard clearly. I had to go to the book to read those parts again. I re-downloaded it and had same problem. I had to give low rating on performance because of technical issue, not narrator.Audio book is all about memory of the sound. I was so concentrated on listening. The static noise was too much for me. Every time when I listen close to those areas, I start prepare myself to the noise. It defeats the purpose.To be honest, my first experience with audio book is not good. Hope my comment can help you guys understand from user side and improve your quality.

    0 of 0 people found this review helpful
  •  
    Eric SORRENTO, FL, United States 10-16-13
    Eric SORRENTO, FL, United States 10-16-13
    ratings
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    1
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    "Audio will not run on Android or Linux."
    What disappointed you about Irrational Exuberance?

    Unable to listen to the audio since itunes is locked down for Windows and Mac, and you can't burn it to a CD so I can listen to it in the car. Seriously how am I supposed to listen to this? On my ANDROID smartphone? The only way I can listen to this is borrow a friends computer and see if I can install some badware on their computer so I can listen to it.

    And the audio quality is bad, DRM bomb dropped, waste of $20. Don't make my mistake.


    If you’ve listened to books by Robert J. Shiller before, how does this one compare?

    I've listened to robert shiller a lot he's a genius, but he erred when using itunes.


    0 of 0 people found this review helpful
  •  
    Philip Santa Barbara, California, United States 05-29-13
    Philip Santa Barbara, California, United States 05-29-13 Member Since 2012
    ratings
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    12
    6
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    Story
    "very dated material"
    This book wasn’t for you, but who do you think might enjoy it more?

    I got it as a recommendation. I found it hard to follow and am not sure who might benefit from it, except hard core, read everything financial experts.


    0 of 0 people found this review helpful
  •  
    Amazon Customer Sugar Land, TX United States 05-21-12
    Amazon Customer Sugar Land, TX United States 05-21-12 Member Since 2012
    ratings
    REVIEWS
    14
    2
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    Story
    "I wish I read it earlier"
    Where does Irrational Exuberance rank among all the audiobooks you’ve listened to so far?

    This book is extremely valuable to people want to manage their own money.


    What did you like best about this story?

    Different cases of Irrational Exuberance through out history. Human make the same mistakes over and over again


    0 of 0 people found this review helpful
  •  
    Adam Bragg APO, AE United States 10-29-11
    Adam Bragg APO, AE United States 10-29-11 Listener Since 2009
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    61
    1
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    "A lot of information. Really good book."

    I am listening to this book for the second time. There is a lot of information in this book, including facts and figures that I want to sear into my brain, so I am listening again. Shiller reads the book himself, so there is no mistaking what emphasis he wants to put on certain points. Highly recommend this book, especially if you are or will be investing in the stock market.

    0 of 0 people found this review helpful
  •  
    Kevin Montreal, Quebec, Canada 07-31-08
    Kevin Montreal, Quebec, Canada 07-31-08
    HELPFUL VOTES
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    "Very good, very academic"

    I really enjoyed this book. I can say that it is one, or maybe the best investment book I read. The book provides valuable perspective on psychological factors affecting the financial markets. A must for all investors !

    Note that it is written in a very academic style, so you must be concentrated when you listen to it (not to good to listen while driving a car).

    0 of 0 people found this review helpful
  •  
    Bassam COLUMBIA, MD, United States 03-10-10
    Bassam COLUMBIA, MD, United States 03-10-10 Member Since 2003
    HELPFUL VOTES
    5
    ratings
    REVIEWS
    184
    11
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    1
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    "Buy the book, skip the audio"

    1. Difficult to get the numbers.
    2. Too much on who published what, when.
    3. Little on future outlook. Looking in the back-mirror.
    4. The book would be more interesting as a research study.
    5. The author's voice is something different in Audible. You can almost feel him smile sometimes when saying something funny.

    0 of 1 people found this review helpful
  • Showing: 1-10 of 10 results
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  • judith
    canary wharf, United Kingdom
    12/14/13
    Overall
    Performance
    Story
    "My mistake - audioer beware!"

    I clicked this into my library without realising a) that it was abridged and b) that it is the 2000 edition not the 2005 revised edition. In other words, in my appreciation this purchase is a complete mistake. Why would the 2000 edition even still be in stock, once the post-2001 crash version is available? I'm going to try and send this book back.

    14 of 15 people found this review helpful
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