It seems like only yesterday that Robert Shiller, a Nobel-Prize winning economist (and esteemed member of the Yale School of Management's faculty), was telling anybody who would listen that the US equity market was headed for a vertigo-inducing correction.

But with stocks once again hovering near record highs, it seems that Shiller – the co-creator of the Shiller P/E ratio – has become the latest CNBC stalwart to throw in the towel.

While he once lambasted President Trump as “totally unbecoming and unfit”, Shiller demonstrated a newfound reverence for Trump and his policies during his latest interview (we can only imagine why).

“That has an effect on the market but it goes beyond the rational, logical effect – it has something to do with our animal spirits.

“The stock market could get a lot higher before it comes down.

Categories: ZH