I find it interesting that there are so many more articles about bubbles
than about the underlying reality of the equity premium puzzle. This is
a nice case where a little knowledge is a dangerous thing. The average
investor would be far better off if they did think that enormous returns
could continue forever because, in a deep though less dramatic way, they
DO. I suspect that a lot of people have been turned off to stock
ownership for decades in spite of the fact that they are the smart
long-term bet.
--
Prof. Bryan Caplan
Department of Economics George Mason University
http://www.bcaplan.com [EMAIL PROTECTED]
Mr. Banks: Will you be good enough to explain all this?!
Mary Poppins: First of all I would like to make one thing
perfectly clear.
Banks: Yes?
Poppins: I never explain *anything*.
*Mary Poppins*
