Robert Shiller Says 'We've Had Our Correction'

The transcript discusses the psychology of the market, highlighting the interconnectedness of global markets and the widespread belief that markets are overpriced, leading to a correction. It explores the ambiguity of future market trends, whether it will stabilize or turn into a bear market. The role of retail investors in the next phase of the sell-off is examined, along with investor confidence. The concept of a market bubble is defined, questioning if the bubble has burst and if the correction is complete.

Discuss the implications of a market correction as mentioned in the text.

What does the term 'bubble' refer to in the context of the stock market?