Word: shiller
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...SHILLER It is not reasonable that the risk premium should be zero. You can buy inflation indexed bonds at 4% [risk free]. That's why I am a big advocate of index bonds. It is one of my campaigns...
...SHILLER That's short term...
...SHILLER We agree on that...
...SHILLER People believe stocks are safe. But I don't think this represents learning. It suggests this is what we call a speculative bubble. When stock prices go up--and they have been consistently for a while--people get a feeling that they must go up. So to me it is very clear what has been happening in recent years. It is not like people have just taken a course in economics and were impressed with the data. That is not what happened. We have seen so many cases in history of speculative bubbles. And we should learn...
...SHILLER See, [your] book title, if you look at it, it says, The New Strategy for Profiting from the Coming Rise in the Stock Market. You are selling books by telling people the risk premium is going to go to zero in three to five years. And you present no evidence for that...