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" One should have a wide variety of assets in one's portfolio. And oil, by the way, is a particularly important asset to have in one's portfolio because we need it, and the economy thrives on it. "

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" If we wait until income inequality is much more severe, we will have a whole class of new superrich who will probably feel entitled to their wealth and will have the means to defend their interest. That's already gone far enough. We shouldn't let it become more extreme. "

Robert J. Shiller

Enough

Feel

Wealth

" One thing I've noticed about history - you can search on newspapers going back hundreds of years, search for 'economic forecast,' you don't find it. It would be very rare to find it. "

Robert J. Shiller

Going

You

" Housing traditionally is not viewed as a great investment. It takes maintenance; it depreciates. It goes out of style. All of those are problems. And there's technical progress in housing. So, new ones are better. So, why was it considered an investment? That was a fad. "

" People aren't as impressed by homes anymore after they saw how they collapsed in price with the financial crisis. "

" I want to know diverse facts about such things as galaxies or molecules or proteins or insect species. I have an impulse to want to know the little details, which are usually of no significance to non-specialists. I own a dissection microscope, and if there is an insect in the house, I sometimes catch it and look at it under the microscope. "

" All taxes, except a 'lump-sum tax,' introduce distortions in the economy. But no government can impose a lump-sum tax - the same amount for everyone regardless of their income or expenditures - because it would fall heaviest on those with less income, and it would grind the poor, who might be unable to pay it at all. "

" There's so much disagreement about investing, and it's because nobody really knows. "

" Somehow, talking to young students brings you back to reality - it should, anyway. "

" This is the paradox of thrift: belt-tightening causes people to lose their jobs, because other people are not buying what they produce, so their debt burden rises rather than falls. "

" Speculative markets have always been vulnerable to illusion. But seeing the folly in markets provides no clear advantage in forecasting outcomes, because changes in the force of the illusion are difficult to predict. "

" Diversify, because that helps reduce risk. And you can diversify outside the United States. Some people would never invest in Europe - I think that's a mistake. "

" People who stay unemployed for a long time start to look like damaged goods, and they don't get such good offers. Also, they're not learning anything. Most learning is on-the-job learning. "

" When I see the Trump supporters on television explaining themselves, I don't get a feeling of supreme confidence. They've created a revolution, and now maybe they're a little scared by it. "

" Manufacturers of food try to get the optimal ratio to tap into your impulsivity. They don't care about your health. "

" Hesitation is often like procrastination. One may have vague doubts and feel a need to mull things over; meanwhile, other issues intrude on thought, and no decision is taken. Ask people why they procrastinate, and you probably won't get a crisp answer. "

" The future is always coming up with surprises for us, and the best way to insulate yourself from these surprises is to diversify. "

" Those on the downside of rising economic inequality generally do not want government policies that look like handouts. They typically do not want the government to make the tax system more progressive, to impose punishing taxes on the rich, in order to give the money to them. Redistribution feels demeaning. It feels like being labeled a failure. "

" We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual. "

" Even today, I am easily distracted by reading material and will pick up articles on virtually any factual material if I have the time. "

Robert J. Shiller

Will

I Am

" We don't know the probabilities of future events. Still, you have to take action, and so you do it on gut feeling. That's the world we live in. "

" I think that a lot of people in all walks of life have the impression, of course, that, 'I specialize in something. I can't - I don't have the time to read other things. I'll just go to pure entertainment when I'm relaxing, and then I'll come back to my pure specialty.' That produces - that attitude produces idiot savants, unfortunately. "

Robert J. Shiller

Think

Life

" Oppression thrives on distance - on not actually meeting or seeing the oppressed. "

" If I was counselling an individual, and my purpose was to help that individual, the most important thing would be that you should save more. Because don't expect that your retirement will follow those trajectories that some advisers are telling you. "

Robert J. Shiller

Purpose

Retirement

" Trump's victory clearly appears to stem from a sense of economic powerlessness, or a fear of losing power, among his supporters. To them, his simple slogan, 'Make America great again,' sounds like 'Make You great again': economic power will be given to the multitudes without taking anything away from the already successful. "

" That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics. "

" Yes, horoscopes still persist in popular newspapers, but they are there only for the severely scientifically challenged, or for entertainment; the idea that the stars determine our fate has lost all intellectual currency. "

" As far as I can find, almost no one in the profession - not even luminaries like John Maynard Keynes, Friedrich Hayek, or Irving Fisher - made public statements anticipating the Great Depression. "

" Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't. "

" Trump does magic. Maybe it will be black magic sometime, but he's an amazing phenomenon. "

Robert J. Shiller

Will

Black

" Some of the best theorizing comes after collecting data because then you become aware of another reality. "