Still Relevant After 21 Years

I would rate this audiobook at 5 stars if they included a PDF of the charts and graphs. The visual information provided is a critical part of the story which becomes lost in the audio format. I resorted to buying the physical book and making my own PDF of the charts and graphs for reference. Really, it should not be that hard for the publisher to provide this.

The audiobook is a good way to access this material during commute time or other opportunities where listening is easier than reading. The concepts are as important to consider today as they were 20 years ago, especially with the advent of meme stocks and cryptocurrencies where "animal spirits" are far more influential than fundamental value. It is helpful to understand that these behaviors are not new, but have been around since the beginnings of investing.

Robert Shiller makes a good case that the Strong Form of the Efficient Markets Hypothesis is misguided, and that even the Semi-strong and Weak forms have holes.

While it may be difficult to profit from the information, it is clear that markets have periods of excess optimism and excess pessimism that inflate or depress prices for extended periods. It almost seems that the periods of "rational" investing behavior are actually a transition state between periods of increasing optimism or pessimism.

Any serious investor should read this book.

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