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Robert Shiller gives a lecture on the topic of his more recent book Finance and the Good Society.
"Mr. Shiller argues convincingly that the good society requires an effective financial sector, and the way to extend the good life to more people is not to shrink the sector nor 'restrain financial innovation but instead to release it.' That does not mean that fraudsters and others who broke the law during the bubble years should go unpunished, of course, and Mr Shiller rightly calls for financial innovation to take place in a 'way that supports the stewardship of society's assets,' a philosophical underpinning that Wall Street's financial innovators seem to have been steadily forgetting since the 1980s.'
For those too cheap to buy, or too lazy too read the book.....here is the Shiller lecture.
Robert Shiller Lecture - Finance and the Good Society
Tickers in the article:
What Worked in the Stock Market for Long-Term Investors?
Extensive research has found that the companies with predictable revenues and earnings outperform the market average; they also suffer lower probability of loss. As a matter of fact, this kind of companies are exactly what Warren Buffett wants to buy and hold forever. Please read the research about what worked in the stock market:
Part I: What worked in the market from 1998-2008? Part I: Predictability Rank
Part II: Role of Valuations
Part III: Intrinsic Value, Discounted Cash Flow and Margin of Safety
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Patience Investing, Inc. - 5 months ago
My understanding and opinion is that financial innovations did more harms than any benefits. I wonder what would be Prof. Shiller's response to high frequency trading (HFD) or collateralized debt obligations (CDOs).
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