Robert Shiller

The Dangers Of Performance-Chasing

"From the current levels of over valuation, excess extension and extreme bullishness which currently exists, the coming reversion 'beyond' the mean will wipe out the majority of any gains made over the last several years. Such is the case with all reversions throughout history. Worrying about 'missing out' on the current bull market should probably not be at the top of your list."

1987 Versus 2017: Will History Repeat Or Just Echo?

"...no single event can be blamed for the crash that occurred on October 19, 1987, rather a confluence of factors and events caused a rapid erosion in market confidence. The same can be said in 2017. No single factor indicates conclusively that a stock market correction is imminent, but the risks are out there and merit continued attention..."

"Peak PEG" - The S&P Has Never, Ever Been This Expensive

"...only the Bond Bubble can justify the Equity Bubble. Meta-markets, where bubbles justify one another. A drunken man who drives home another drunken man. Prosaically, Equities' valuations are not as insane as bond valuations, but that does not make them cheap."

Weekend Reading: Losing Faith?

"With President Trump embroiled in one entanglement after another and constrained by a deeply partisan legislature, the ability of the Administration to pass legislative agenda seems to be fading... along with investor 'faith' that they will."

Weekend Reading: On A Cliff's Edge

"...Unfortunately, in the financial markets, irrationality historically prevails and very few investors survive the fall..."

Rabobank:"Is This The Real Life? Is This Just Fantasy?"

"The biggest question now must surely be if this latest White House firing is indicative of an administration in total meltdown, in which case the USD seems unlikely to avoid being swept along with it. Or could the new Chief of Staff bring some much-needed discipline and order to the Trump administration?"

Is This The Bubble?

"Every major market peak, and subsequent devastating mean reverting correction, has ever been the result of the exact ingredients seen previously. Only the ignorance of its existence has been a common theme."

7 Myths Of Investing

"There are no sidelines. Those saying this seem to envision a seller of stocks moving her money to cash and awaiting a chance to return. But they always ignore that this seller sold to somebody, who presumably moved a precisely equal amount of cash off the sidelines."