Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategy by Jeremy J. Siegel
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(Hardcover - REV)
- Pub. Date: November 2007
- 436pp
- Sales Rank: 40,256
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Product Details
- Pub. Date: November 2007
- Publisher: McGraw-Hill Companies, The
- Format: Hardcover, 436pp
- Sales Rank: 40,256
- ISBN-13: 9780071494700
- ISBN: 0071494707
- Edition Number: 4
- Edition Description: REV
Synopsis
Stocks for the Long Run set a precedent as the most complete and irrefutable case for stock market investment ever written. Now, this bible for long-term investing continues its tradition with a fourth edition featuring updated, revised, and new material that will keep you competitive in the global market and up-to-date on the latest index instruments.
Wharton School professor Jeremy Siegel provides a potent mix of new evidence, research, and analysis supporting his key strategies for amassing a solid portfolio with enhanced returns and reduced risk. In a seamless narrative that incorporates the historical record of the markets with the realities of today's investing environment, the fourth edition features:
A new chapter on globalization that documents how the emerging world will soon overtake the developed world and how it impacts the global economy
An extended chapter on indexing that includes fundamentally weighted indexes, which have historically offered better returns and lower volatility than their capitalization-weighted counterparts
Insightful analysis on what moves the market and how little we know about the sources of big market changes
A sobering look at behavioral finance and the psychological factors that can lead investors to make irrational investment decisions
A major highlight of this new edition of Stocks for the Long Run is the chapter on global investing. With the U.S. stock market currently holding less than half of the world's equity capitalization, it's important for investors to diversify abroad. This updated edition shows you how to create an “efficient portfolio” that best balances asset allocation in domesticand foreign markets and provides thorough coverage on sector allocation across the globe.
Stocks for the Long Run is essential reading for every investor and advisor who wants to fully understand the market-including its behavior, past trends, and future influences-in order to develop a prosperous long-term portfolio that is both safe and secure.
Biography
Jeremy J. Siegel is the Russell E. Palmer Professor of Finance at The Wharton School of the University of Pennsylvania, the academic director of the Securities Industry Institute, and a senior investment strategy advisor to WisdomTree Investments, which creates and markets exchange-traded funds.
Customer Reviews
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Hasn't the credit crisis shown that the Emporer Siegel has no clothes?by WhartonGrad
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August 01, 2009: Not to mention the survivor bias of Siegel's dataset, but how can any asset class - stock, commodities, you name it - provide a return on invested capital higher (in the long run) than the long-run growth rate of global GDP? It's mathematically impossible b/c the stock market would consume global GDP. I think this suggests that the long run equity premium is lower than what people have historically assumed - and with that the long-run return of equities as an asset class. Siegel writes a short page or two on the "equity premium puzzle" but mis-understands it. Siegel rode to fame on the same leveraged economy that others have (Greenspan, etc.). He should revisit his work. I recently bought this with the hope of achieving insight, but found none.
Excellent Survey of the Stock Marketby Political_Calculations
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February 18, 2009:
This is Jeremy Siegel's seminal work covering much of the theory behind what drives stock prices. No matter what level of knowledge you might have of the market, whether as a novice investor or as an experienced pro, there's something new you can learn from Stocks for the Long Run.
Siegel combines theory with history and summarizes the results from some very interesting research in Stocks for the Long Run. Each edition of the book brings new data and new analysis to the surface. A very good example of the latter is the fourth edition's introduction of what Siegel calls the "Noisy Market Hypothesis," which previously had only been introduced in an article Siegel contributed to the Wall Street Journal in July 2006.
Meanwhile, Stocks for the Long Run is an essential resource for any investor since it not only provides historic data to use for reference, it also answers questions that might motivate investment decisions, such as "Does the Dogs of the Dow strategy really work?" or "Is there something to the January Effect?"
But none of those things is what the main thrust of the book is about. Siegel's basic premise argues that stocks, held for very long periods of time, deliver superior returns compared to other types of investments. Siegel clearly has the weight of history to back his arguments, and as long as the future continues to resemble the past and people tomorrow continue to act like people a hundred years ago, thirty years ago, ten years ago or yesterday, the outperformance of stocks over other types of investments over long periods of time is likely to continue.
If you're an investor, or are studying to go into the financial industry, or are a long-time financial and investing professional, a copy of Jeremy Siegel's Stocks for the Long Run belongs on your bookshelf. Highly recommended.
-- Ironman at Political Calculations
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