Interview with Robert Shiller (June 2009):
http://www.kiplinger.com/magazine/archives/2009/06/interview-with-robert-shiller.html
People think that because we have only so much land, and it is getting scarcer, housing prices must rise. But offsetting that is the decline in construction costs, so it balances out...
The figures show that the market is relatively low-priced now. Based on history, we should get something like 10% real [after-inflation] annual returns from stocks for years to come...
The French philosopher Montesquieu said that history is littered with wars and that it would be great if we could create some peaceful methods of diverting humans from their aggressive tendencies. Business is one peaceful alternative.
Shiller always seems to make a lot of sense. I'm not sure I agree that stocks are a sure thing right now. The article doesn't indicate where the S&P was at the time of the interview.
"And if an epitaph be my story, I'd have a short one ready for my own: I had a lover's quarrel with the world." -- Robert Frost
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