In an interview with WealthTrack’s Consuelo Mack, Yale economist Robert Shiller says  that while the broader market is  now selling at a significantly higher valuation than historical norms, stocks are still a “reasonable part of a portfolio”. Shiller, who says his 10-year P/E metric indicates the S&P 500 is now selling at about 22 times earnings, above its historical norm of 15, also offers his take on why all investors should have a substantial portion of their portfolios in oil-related investments; what investors can learn from the recent crisis and market plunge; how the government’s stimulus and bailout plans have worked out; and how “animal spirits” are a huge part of financial market movements — and will play a key role in where the housing market goes as government support is withdrawn.