market timing

Oct 06 2025

A “Fairly Highly Valued” Market: A Fed Chair Opines on Stocks, but should we listen?

Aswath Damodaran

In December 1996, Alan Greenspan used the words "irrational exuberance" to describe the stock market at the time, and those words not only became the title of Robert Shiller's cautionary book on market bubbles, but also the beginnings of the belief that central bankers had the wisdom to be market...

pe equity risk premiums market timing

Jun 17 2025

The (Uncertain) Payoff from Alternative Investments: Many a slip between the cup and the lip?

Aswath Damodaran

It is true that most investing lessons are directed at those who invest only in stocks and bonds, and mostly with long-only strategies. It is also true that in the process, we are ignoring vast swaths of the investment universe, from other asset classes (real estate, collectibles, cryptos) to...

private equity hedge funds alternative investing market timing active versus passive investing