Is The Market Too High Or Too Low? Maybe A Little Of BothRobert J. Barro
Are stocks way up or way down? One view is that the market is overpriced and will come down. This overpricing may reflect the "irrational exuberance" described by Yale University economist Robert J. Shiller in his recent book with that title. A second perspective is that the market has room to go up a lot more, as argued in the 1999 book Dow 36,000 by James K. Glassman and Kevin A. Hassett. They allege the risks are exaggerated and growth prospects underestimated, leading to underpricing.
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