Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? (Shiller, 1981) on “Stuff I Revisit”, a list by Marco Aldeanueva on TheLysts.
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Market prices are way more volatile than future dividends can rationally explain.
My take
The polite academic way of saying ‘yeah, this is all a little nuts.’ Great reality check. Verdict: buy.
TheLysts