What is this? There is such a mismatch between the shallowness of the questions they're asking and the depth of the research they're asking them about. This hurts my brain.
Who are these ignoramus interviewers who keep interrupting Shiller?
@maoxingge9497 Жыл бұрын
还是可以听有价
@jojoeb16 Жыл бұрын
Markets are not efficient because people are not rational. That is the single biggest indictment of the entire MPT framework.
@Sam-fp8zm Жыл бұрын
you can't beat the market. the market means the long term s and p 500. buy index funds. vanguard world index fund.
@RebuttalRecords2 жыл бұрын
What baffles me is why Robert Shiller would wast his time with such media whores.
@MartinSage2 жыл бұрын
You can’t beat the market?? Tell Ed Seykota who turned $5000 to $15,000,000 in 10yrs! 🤑🤑. Or Soros or Drunkemiller who put all $7,000,000,000 in one basket in Sterling and made 1 Billion in 1day.!
@Martin-qb2mw2 жыл бұрын
The value style doesn't beat the market on a risk adjusted basis so it doesn't violate the effecient market hypothesis. The value premium is compensation for risk.
@theWebWizrd8 ай бұрын
There are a lot of stuff wrong with what you are saying there. First and foremost, value generally has lower standard deviation ane lower beta than 'growth' stocks. So if anything, value will look better on a risk adjusted basis than it does without it. Secondly, many people who oppose EMH also oppose the notion that standard deviation is any meaningful measure of risk, so the argument is rather meaningless. And finally, if risky assets can be relied upon to outperform then they aren't exactly risky, so there is a fundamental misnomer in the idea that you can reliably take on risk to gain expected return.
@Martin-qb2mw8 ай бұрын
@@theWebWizrd You have some reasonable points but you miss the fact that Value have other types of risk associated with it, besides standard deviation. Career risk is a big one. Hypothetically, let's say I can construct a portfolio that is 100% guaranteed to outperform on a ten or twenty year horizon but is also guaranteed to underperform 90% of months then I would like to invest in this and probably so would you. But, professional money managers they cannot invest in this. They will get fired if they do because they are evaluated on a quarterly basis. This is called career risk and it's a very real risk associated with value. This risk is not diversifiable and will stick around forever. The portfolio I described is a pretty good model for value. It always wins in the long run and it always sucks in the short run. Proffesionals cannot invest in stuff like this. They get fired. There are other similar risks associated with value that are also not diversifiable and are also not captured by STD but I will leave it here to avoid writing a book.
@mainstreet6999Ай бұрын
@@theWebWizrd such great definitions, and language I hope with this I can make more money... But the academics are academics, they ain't businessmen...
@jasonchen52482 жыл бұрын
哈哈
@davidwebb23182 жыл бұрын
Fama believes markets are perfect, they aren't perfect they are just the best we have got.
@accumanddistrading39632 жыл бұрын
yeah - the guy on the left is not even in the same league as Robert Shiller.
Behaviorists seem to use hindsight examples to demonstrate market inefficiencies. Fama would ask, "Okay. I'll accept that, but how do I use that knowledge to predict anomalies?". Behaviorist can't really provide a helpful answer here.
@theWebWizrd8 ай бұрын
Yes, they can. In this very video Shiller points to fads. So look at people predicting a downfall in hyped things like Bitcoin, NFTs, Tesla, NVIDIA and other AI stocks, or even just people predicting that the US stock marked will lag the next 5-10 years due to high index P/E. These are all predictions that are impossible to make with any degree of certainty - zero- under EMH.
@alinebaruchi19362 жыл бұрын
I know war theory and phil Geography Loads of things I can beat it easily
@alinebaruchi19362 жыл бұрын
.
@douglashurd43562 жыл бұрын
"... optimal expectations of future craziness." I think I've found my new motto.
I thought it was already a democracy, a socialist democracy.
@mkz422793 жыл бұрын
It is not OK when the interviewer speaks more than the guest (Schiller).
@DatFabric3 жыл бұрын
Long on shrimp?
@mrgoldie1093 жыл бұрын
Interpretation: Markets are both efficient and inefficient. The big picture (news) or longterm is efficient. The day trader picture (emotion) or very short term is inefficient. Analogous to the distant bend in the road becomes straighter closer up. Markets are efficient in the distance and inefficient close up. Chaotic close, Ordered far away. “No thing under the sun is new.” (Ecclesiastes 1:9).
@BarsonlineOrg20135 ай бұрын
If they are both, then they are neither, then they are inefficient, no matter the horizon :)