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3 out of 53 out of 53 out of 53 out of 53 out of 5 3.00 (1,072 ratings) (rate this audio book) Author: Robert J. Shiller Narrator: Robert J. Shiller Publisher: Penguin Random House Format: Abridged Audiobook Delivery: Instant Download Audio Length: Release Date: October 2000 ISBN: 9780375417122
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With a new Afterword on the current state of the stock market, the ongoing debate over the “new economy,” and the larger implications of “irrational exuberance.”

In this controversial, hard-hitting account of today’s explosive market, Robert J. Shiller, a leading expert on market volatility, evokes Alan Greenspan’s infamous 1996 reference, “irrational exuberance,” to explain the alternately soaring and declining stock market. Shiller’s unconventional yet persuasive argument credits an unprecedented confluence of events with driving stocks to uncharted heights, and he analyzes the structural, cultural, and psychological factors behind these levels of growth not reflected in any other sector of the economy. Now more relevant than ever, this analysis is both chilling and convincing—a must-read for the individual investor, the policy maker, and the investment professional.


From the Trade Paperback edition. Download and start listening now!

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Quotes & Awards

  • Irrational Exuberance [is] a dazzling, richly textured, provocative book…by far the most important book about the stock market since Jeremy J. Siegel’s 1994 Stocks for the Long Run, offering a cogent statement of the bears’ view of events to come. Shiller is not merely a bear—he is a grizzly. Business Week
  • New York Times Bestseller
  • Should be compulsory reading for anybody interested in Wall Street or financially exposed to it. The Economist
  • The national bestseller that revolutionized the way we think about the stock market Robert J. Shiller
  • A dose of realism that serious investors will ignore at their peril. The Wall Street Journal

    One of Business Week’s Ten Best Business Books of 2000
  • Nominated for Audie Awards, 2001

Listener Opinions

  • 2 out of 52 out of 52 out of 52 out of 52 out of 5 Devin Partlow | 2/18/2014

    " I don't know if the author took any stance in particular, except that there are many stances one could take "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Glenn Van | 2/18/2014

    " Robert Shiller is such an amazing analytically mind and a very unpretentious personality. The book is not the number crunching approach of the Case Shiller Index, but a spot on identification of the booms we have suffered, yes, Suffered in the past 2 decades. Great information for anybody, not just figureheads. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Allisonperkel | 2/5/2014

    " Solid overview on markets and speculation. Most likely this should be required reading on what makes a bubble, what the market might have been like (as opposed to what we think its been like) and just a great overall read - albeit a little dry "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Paul J | 2/4/2014

    " Want to know why I already have one kid and another on the way but have not yet purchased a home? Blame it on Shiller. Don't tell Sarah, though, because she'll find and tell him to change my mind. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Christie | 1/20/2014

    " This is definitely not a light read, as it took me a couple of months to get through it. Shiller's style is very academic, with a fair amount of data/data analysis. He is also, in a word, brilliant. He provides many convincing arguments against efficient markets, predicting the .com bubble just months before it happened. Of course it is even more applicable today after the recent real estate bubble burst. My only other complaint was the recommendations he made. After providing strong evidence proving his point, he didn't really convince me on the best way to address the issues at hand. Maybe that was the intention; that we must be human beings who make mistakes even in the stock market. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Alejandro | 1/19/2014

    " Disheartingly realistic. If you have a good knowledge of the stock market, this is a must read for expanding your knowledge of behavioral finance. His predictions were as spot-on as magic. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Giorgos | 1/19/2014

    " Reference book on stock market behavior, bubbles etc. Very insightful and written in relatively easy language "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Donna Scott | 12/15/2013

    " Riveting book which took my knowledge of economics to the limit. A bit heavy, but worth it. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Robb | 12/15/2013

    " Good fundamentals of market movements and reactionary investment tendencies, but fairly basic in its analysis of recent market phenomena. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Sam | 11/24/2013

    " This book, published in 2000, suffers some from it's success -- after a decade of Shiller's predicted negative stock market returns & the rise of behavioral finance, a lot of this book's once-fresh ideas are now common. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Julia | 11/22/2013

    " One of the people who has the right to say "I told you so" about the current economic crisis. It's not clear if the intended audience of this book is wonks or laypeople. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Erin | 10/24/2013

    " What causes bubbles? Schiller answers this question is a balanced, credible, and honest way, based on multiple examples from major stock market crashes. The analyses are clear and accessible, even for those who do not much about finance. I strongly recommend it! "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Josh | 9/22/2013

    " Great book. Explains the mentality and economic principles behind bubbles, especially the recent tech and housing bubbles. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Sébastien | 5/13/2013

    " Excellent book. The words "irrational exuberance" defines culture of the past 2 decades. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Donna | 5/4/2013

    " I couldn't resist a book with a chapter called, 'Naturally Occurring Ponzi Processes'. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Norbert | 2/25/2013

    " The updated version contains plenty of insightful data on the recent real estate bubble. Highly recommended! "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Derek Barnes | 9/18/2012

    " Outstanding analysis of the US stock market before the dotcom and 2008 busts. A defining financial book of these turbulent times. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Zhong | 8/13/2012

    " Nice book for behavioral finance. Best book to understand dot com bubble in beginning of 21st century. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 John | 5/31/2012

    " A little dry, but exhaustive in detail. Changed the way I look at the stock market and economic news. I only wish I had an updated version; this one predates the 2002 bubble burst. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Wendy | 5/3/2012

    " A good overview of some of the psychological and cultural factors that lead to stock market bubbles. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Justin | 8/26/2011

    " Shiller is rock star/sex pot economist! Man crush! A veritable Chuck Norris of economic thought. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Perich | 3/3/2011

    " A little dry, but exhaustive in detail. Changed the way I look at the stock market and economic news. I only wish I had an updated version; this one predates the 2002 bubble burst. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Converse | 7/5/2010

    " Starting with the conclusion that the stock market rise in the late 1990s was not justified in terms of earnings, Shiller explores what social, psychological, and other grounds led to the rise, & what might be done to ameliorate future bubbles
    "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Julia | 5/3/2009

    " One of the people who has the right to say "I told you so" about the current economic crisis. It's not clear if the intended audience of this book is wonks or laypeople. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Norbert | 4/5/2009

    " The updated version contains plenty of insightful data on the recent real estate bubble. Highly recommended! "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Josh | 10/5/2008

    " Great book. Explains the mentality and economic principles behind bubbles, especially the recent tech and housing bubbles. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Allisonperkel | 8/22/2008

    " Solid overview on markets and speculation. Most likely this should be required reading on what makes a bubble, what the market might have been like (as opposed to what we think its been like) and just a great overall read - albeit a little dry "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Robb | 4/22/2008

    " Good fundamentals of market movements and reactionary investment tendencies, but fairly basic in its analysis of recent market phenomena. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Paul | 1/8/2008

    " Want to know why I already have one kid and another on the way but have not yet purchased a home? Blame it on Shiller. Don't tell Sarah, though, because she'll find and tell him to change my mind. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Wendy | 12/26/2007

    " A good overview of some of the psychological and cultural factors that lead to stock market bubbles. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Jason | 9/5/2007

    " 9/4/07

    I learned that we're all going to lose our savings in a massive crash and we're doomed.

    Doomed. "

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About the Author
Author Robert J. Shiller

Robert J. Shiller is the author of Irrational Exuberance and The Subprime Solution. He is the coauthor, with George A. Akerlof, of Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism. He is the Arthur M. Okun Professor of Economics at Yale University.