How to Invest For the Long Term

Investing for the long term means judging the distant future, judging how history will be made, how society will change, how the world economy will change.  Reaching decisions on such issues cannot proceed from analytical models alone; there has to be a major input of judgment that is essentially personal and intellectual in origin.

– Robert Shiller

Yale's Robert Shiller has received a share of the Nobel prize in economics, along with University of Chicago professors Eugene "Efficient Markets" Fama and Lars Peter Hansen.