I found Professor Schiller's book painful in the extreme. Most of his conclusions could have been summarized in the first paragraph, or perhaps in a longer magazine article. While his views are based on solid academic research, which is hard to dispute, one could do without the pedantic history lesson and the constant pats on the back for clever questionaire solicitation. Too little attention is paid to the rise of Index Funds and the survivorship bias in the market indexes, as well as the irrationality of the day trader and the Internet market, which further feeds into the Index system. In addition, the section on investor psycology is cursory. One should read Cialdini's book on persuasion to get a better glimpse into what might really be going on in the markets today.