I love this stuff. Scott Sumner scoffs at those thinking Robert Shiller contributed anything useful by warning of a stock bubble in 1996 or a real estate bubble in 2003. He quotes from Fama, who at first seems to blow Shiller up with some numbers. But I’m pretty sure I show that Fama’s arguments make no sense. Since he delivered them in his Nobel acceptance speech, that’s kind of a big deal.
Anyway, it’s all here in my latest Mises CA post.