John Cochrane (aka the Grumpy Economist) talks about volatility and the level of the market. I blogged on this recently here.
John takes things a bit further and throws a little math at the problem. He has some interesting analysis, although he concludes that our current state of asset pricing is able to fully account for the effect (in some many words).
A Finance Professor's blog. I am a Professor of Finance in the Poole College of Management at NC State University. My website: https://sites.google.com/ncsu.edu/warr Opinions are my own.
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