NPR interviewed Fama and Shiller on financial bubbles.
This is fairly well done and worth a listen. Generally the financial media completely screws up stories and interviews, but this one actually gets down to the real subject at hand.
You can listen by clicking here.
Notice that Shiller dances around when he is asked direct questions about how to define a bubble. He still can’t really do it.
My favorite quote from the interview – Fama: “I’m not a believer. I’m an empiricist.” This is the guy whose ideas should be behind your investment strategy.