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“High prices are a sign of vulnerability and we have a heightened risk of a collapse,” said Robert Shiller, the Yale economist. “But I am just not in the mood to say it’s coming soon.”

Shiller was awarded the Nobel Prize in economics in 2013 for his work on the analysis of asset prices. He predicted the financial crises of 2008 by correctly identifying the fragility of the housing boom in the United States, so his comments are regarded with particular…

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