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Robert Shiller and Richard Thaler have said that in 2000 and 2007, stocks were irrationally overvalued. Gene Fama has responded that they are arguing with

Robert Shiller and Richard Thaler have said that in 2000 and 2007, stocks were irrationally overvalued. Gene Fama has responded that they are arguing with the benefit of hindsight. Which argument do you most agree with? (There is no wrong answer!)

With that in mind, do you think U.S. stocks are irrationally overvalued, irrationally undervalued, or efficiently valued right now, and why?

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