Adding to Thaler’s puzzlement is that another Nobel Laureate, Robert Shiller, has a cycically-adjust price-earnings (CAPE) ratio that just exceed the level found on Black Tuesday, October 29 1929, that helped ignite The Great Depression. However, the CAPE Ratio is still below its peak found during the infamous Dot-com bubble (and bust)
Here is a closer view of the Dot-com bubble and burst.
Professor Thaler, I wonder if The Federal Reserve endless overstimulation of assets has anything to do with it?
Here is a photo of Federal Reserve Chair Janet “Bubbles” Yellen sipping Pro Bubble Juice.