Irrational Exuberance
by Robert J. Shiller
Shiller's analysis of bubbles in stocks, housing and bonds, published just before the 2000 crash and updated since. Essential for understanding market psychology.
Read it if…
you want to understand why markets overshoot.
See the book →
Skip it if…
you want trading tactics.
Try instead: Animal Spirits →
Three things you will actually use
- Valuations matter in the long run.
- Narratives drive bubbles.
- Diversify and stay humble.
Do this first
Read the chapter on the CAPE ratio.
Our verdict
Bubbles, explained.
See the book →
Compare with other Money books
Animal Spirits
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Psychology and the economy.
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Manias, Panics, and Crashes
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