Robert J. Shiller : (3)

" In a bubble, eventually people start saying, ‘Wait a minute… these prices are way too high! What is anyone buying anymore? What could they possibly be thinking?’ And then there’s a correction and a bursting. " - Robert J. Shiller

" Housing traditionally is not viewed as a great investment. It takes maintenance; it depreciates. It goes out of style. All of those are problems. And there’s technical progress in housing. So, new ones are better. So, why was it considered an investment? That was a fad. " - Robert J. Shiller

" Speculative markets have always been vulnerable to illusion. But seeing the folly in markets provides no clear advantage in forecasting outcomes, because changes in the force of the illusion are difficult to predict. " - Robert J. Shiller