Nobel prize-winning economist Robert Shiller told CNBC at the World Economic Forum that he is still investing in the stock market despite warning of bubble-like conditions.
Shiller said that his own long-term valuation metric for stock markets, which measures price-to-earnings based on average inflation-adjusted earnings over the previous 10 years, was currently high at 25. But it was still well below the record high of 46 reached in 2000.
In December, Shiller warned in an interview with Germany's Der Spiegel magazine that the sharp rise in U.S. equity prices could be leading to a dangerous bubble.
"I'm not sounding the alarm yet. But in many countries the stock price levels are high, and in many real estate markets prices have risen sharply...that could end badly." he said.
"I find the boom in the U.S. stock market most concerning."
