We are fans of Shiller, some links* below the jump.
From CNBC:
I may get out of US stocks: Nobel-winner ShillerCNN Money's headline is "Stocks: Robert Shiller is buying Europe"
Nobel Prize-winning economist Robert Shiller told CNBC on Wednesday he's thinking about shifting his personal money away from U.S. stocks.
The Yale University professor said on "Squawk Box" he has about half his portfolio in stocks. "I'm thinking about getting out of the United States somewhat. Europe is so much cheaper."
Citing moves he's already made, Shiller said, "What I have done is I've invested in Italy indexes, Spain index."
The stunningly low long-term interest rates are pushing U.S. stocks higher, he said. "You look at the major asset classes, they tend to be pricey."
The solution, Shiller said, is to save more. That's the conclusion of his third edition of his book "Irrational Exuberance."
"Retirement will be difficult if you don't save more," he warned. "I don't think people have reached that state of mind yet."
On housing, the co-founder of the Case-Shiller Home Price Index said he's concerned that the run in recent years may not continue. "We've seen a big increase in home prices since 2012, and I won't bet on that continuing."
"Home prices are ... at about the right level based on history. So may be they won't go anywhere in the near future," he added....MORE
*We are fans of the Professor. His academic work is based on a deep understanding of markets,
As I've said:
We're kind of fond of old Doc Shiller.Here's "New York Guano".
In addition to publishing "Irrational Exuberance" in March, 2000 with the NASDAQ hitting its all time closing high of 5048 (subsequent low 1114, how's a 78% decline grab ya?) he is the keeper of the Cowles Commission records.* From one of our Forecasting Equity Returns posts:
A subject near and dear to my heart. I may be the only person I've ever met who read every page of "The Cowles Commission's Common Stock Indexes 1871-1937".Here's his Yale homepage.
[you must be a blast at parties -ed]
And Irrational Exuberance.
Here's Common Stock Indexes...
....My favorite tidbit is the listing, among the pre-1871 industrials, of New York Guano.
Some things never change.
Here’s Yale’s (and my) gift:
http://cowles.econ.yale.edu/P/cm/m03/index.htm
It links to a big ‘ol hog of a PDF.
In addition to Shiller several other Cowles associates have won Nobel prizes for research done while at the Cowles Commission.
These include Tjalling Koopmans, Kenneth Arrow, Gerard Debreu, James Tobin, Franco Modigliani, Herbert Simon, Lawrence Klein, Trygve Haavelmo and Harry Markowitz". -Marginal Revolution
See also Professor Cowen's "What do I think of the Cowles Commission?".
Which I put in:
"Robert Shiller's Favorite Financial Innovation: An IPO For The USA"
See also:
May 2011
Robert Shiller: "My only bullish call is farmland"
April 2012
"Robert Shiller Eyes Another Tech Bubble: “There’s Going to Be Huge Fortunes Made'"
And many more.
