In "Irrational Exuberance", Robert Shiller shows how collective investor euphoria has historically driven asset prices up ... and how collective investor discouragement has depressed prices.
SMART investors try their best to make rational decisions. In the long term, investors will reap the benefits of a rational investment strategy. As Charlie Munger once said, it is a moral obligation to be rational.
Rationality and consistency are two sides of the same coin. However, to...