Irrational Exuberance

  • von Robert J. Shiller
  • Sprecher: Robert J. Shiller
  • 5 Std. 56 Min.
  • gekürztes Hörbuch


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.



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


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Informative, intersting and entertaining

As Robert Shiller is a well-known economists I expected a sophisticated and very informative audio book but the reality was even better. Not only does one learn a lot of financial markets and the role behavioral factors play but also the book is highly entertaining. Shiller succeeds in explaining known events such as the market crashs of 1929 and 1987 and also refers to the current financial crises which he saw coming quite a long time before it came true.I highly recommend this audio book for anyone interested in learning more about behavioral economics, market crashs or the current crisis.---------------------------------------------------------------Als bedeutender Ökonom bekannt hat Robert Shiller mit diesem Hörbuch meine Erwartungen noch übertroffen. Das Buch ist nicht nur sehr informativ und interessant, sondern auch sehr unterhaltsam. Mithilfe von psychologischen Faktoren erklärt Shiller das Verhalten an Finanzmärkten und behandelt bekannte Crashs wie die von 1929 und 1987. Interessabt ist ebenfalls der Hinweis auf die derzeitige Krise, die Shiller als einer der wenigen schin lange kommen sah.Ein sehr empfehlenswertes Buch für Fachmänner und Laien, die sich für Finanzmärkte interessieren.
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- dezember

Weitere Infos zum Titel

  • Erscheinungsdatum: 31.10.2000
  • Verlag: Random House Audio