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Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long Term Investment Strategies, 4th Edition Hardcover – November 27, 2007


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Editorial Reviews

From the Back Cover

For more than a decade, Stocks for the Long Run has been the authoritative guide to understanding market forces and building a successful portfolio. In this new fourth edition, Jeremy Siegel updates his argument for long-term stock market investment with: comparisons of ETFs, mutual funds, and index options and futures; evidence that the rapid growth of emerging markets will not only continue but may accelerate; insight into the benefits of fundamental indexation over market value indexation; an updated look at the surprising validity of Calendar Effects; and fresh analysis of the best-performing stocks since the formulation of the S&P 500 Index.

Praise for previous editions of STOCKS FOR THE LONG RUN

"One of the ten best investment books of all time."
--The Washington Post

“A simply great book.”
--Forbes

“One of the top ten business books of the year.”
--BusinessWeek

“Should command a central place on the desk of any 'amateur' investor or beginning professional.”
--Barron's

“Siegel's case for stocks is unbridled and compelling.”
--USA Today

“A clearly written, neatly organized, highly persuasive exposition that lifts the veil of mystery from investing.”
--John C. Bogle, Founder and former Chairman, The Vanguard Group

About the Author

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.

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Product Details

  • Hardcover: 380 pages
  • Publisher: McGraw-Hill; 4 edition (November 27, 2007)
  • Language: English
  • ISBN-10: 0071494707
  • ISBN-13: 978-0071494700
  • Product Dimensions: 9.5 x 7.6 x 1.4 inches
  • Shipping Weight: 2.2 pounds
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (40 customer reviews)
  • Amazon Best Sellers Rank: #72,674 in Books (See Top 100 in Books)

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Customer Reviews

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This book is good about explaining stock, bond, interest rate and gold.
Zheng Ren
If you want to know what you don't know, and you realize with yourself truly that there's a lot you don't know- this one is for you!!
investor135
Outstanding and should be read by anyone who is investing or thinking of investing in the stock or bond market.
Michael J. Hammel

Most Helpful Customer Reviews

83 of 87 people found the following review helpful By Great Faulkner's Ghost TOP 500 REVIEWER on August 27, 2008
Format: Hardcover Verified Purchase
In the previous editions of Stocks for the Long Run, Wharton Finance professor Jeremy Siegel offered a thoroughly bullish take on the merits of equity investing that has proved highly influential and largely correct through the end of the post-Millennial Bull Market in mid-2007. In the latest edition of this classic, released in a much more difficult period of substantial market declines, Siegel has added important and more nuanced insights derived from his previous and somewhat overlooked book "The Future for Investors," which came out in 2006. Siegel's basic advice to stock investors is to focus less on growth stocks and index mutual funds (eg., Vanguard 500) and more on looking for tried and true stocks that pay high dividends. He argues that such reinvested dividends are the true source of stock returns, or the "El Dorado." (His term). Overall, this argument is well-presented and persuasive.

However, I am perplexed on a key element. His case is largely based on historical evidence that purports to show that high dividend yield stocks, with dividends reinvested, have accumulated more total return than growth stocks or index mutual funds. However, his calculations do not account for the deleterious effect of taxes on reinvested dividend. (He says in an endnote that taxes are not significant for the portfolios he chose, but does not explain why; for most common stock portfolios, taxes are significant.) Dividends are taxed yearly and until recently at a higher rate than that of capital gains and that of retained earnings, which are not taxed at all. If taxes have been paid on dividends, only the untaxed part can truly be considered "reinvested"; the part that is taxed has to be made up by a new infusions of cash from the investor.
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10 of 11 people found the following review helpful By WalpoleBassMan on January 16, 2010
Format: Hardcover Verified Purchase
This is the book to read after studying the general investing books that cover all asset classes.
it's comprehensive in that it includes discussion of indexes, markets, risk, historical returns, equity investment vehicles, etc.
Also includes newer topics such as Behavioral Psychology.
At 400 pages it's at the right level of detail for do-it-yourself investor who doesn't want to get bogged in analysis of efficient frontiers or CAPM.
Unfortunately it was published just before our current crisis so we will have to wait until the next edition to get the author's thoughts on conditions we are experiencing now.
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17 of 21 people found the following review helpful By Nat Hunt on December 14, 2009
Format: Hardcover
Stocks for the Long Run has a reputation for being the essential introduction to learning about investing in stocks. I can't disagree -- at all. It covers all the ground, and with this 4th edition it brings in a lot of relevant information about ETF's, foreign markets (China, etc.), and other more recent "players" in the stock market.

Of course, this edition was put out before the amazing collapse of 2008, so it will be interesting to see how Siegel covers that disaster in the 5th edition. But until then, this book will still give you the best overview (that I'm aware of) of the stock market here in the U.S. since its inception 200 or so years ago.

The real genius of this book, other than its introductory/educational value (which is great), is to show beyond a shadow of a doubt that stocks have returned waaaaaaaaaaaaaay more money than any other investment vehicle over history. It's not even close: everything else (bonds, gold, notes) is piddlier than piddly in comparison to stocks. There is a graph right in the front of the book which makes this real clear, and that graph alone (if you couldn't get it online) is worth the price of this book.
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8 of 9 people found the following review helpful By Blue on January 7, 2010
Format: Hardcover
This book has been derided by some using short-term market data, but the first chapter contains LONG-TERM data covering 200 years that are easily worth more than the purchase price of the book. One table includes inflation-adjusted returns of most major asset classes spanning the entire time period to give a comprehensive overview of performance without the clouding of recent data that is so common. Never forget to make long-term investing decisions with long-term data! If we get that one thing correct, we will avoid most of the worst investing mistakes.
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7 of 8 people found the following review helpful By Steve Bradshaw on February 10, 2012
Format: Hardcover
A solid (yet very bullish) defense of long-term investing (for investors with a horizon of 20 years or more). Read with care! If your investment horizon is less (even if its 10 or 15 years) this book must be read in combination with Robert Shiller's Irrational Exuberance. Shiller explains how the business cycle can produce devastating returns even to those following relatively conservative strategies over periods less than 20 years when they invest at times of high P/E and B/V ratios and low dividend yields (i.e. near the peak of a stock market bubble) - conditions such as we find today.

With this in mind, Siegel provides some interesting thoughts and some great analysis on 200 years of data. It's interesting how much better the risk profile of stocks has been versus bonds over longer periods (>20 years) during the last 100 years. This has been due to unexpected yet devastating periods of inflation that come along more often than people realize and wipe out real returns on bonds (stocks fare better over the long term given their link to real assets).

An interesting section on the book discussed reasons why the average Shiller P/E (that divides current prices by 10 years of earnings data) should be at a higher level than the historic average of 16x - perhaps something more like 20x (we are at 24x as of May 2011) due to structural reasons such as reduced capital gains taxes, decreased earnings volatility in the business cycle, lower dividend payout ratios and a more-aggressive fed that won't let 1929 happen again, In Irrational Exuberance, Shiller provides an excellent defense against these arguments that are actually a lot weaker than they sound in Siegel's hands, as well as a few negative factors not contemplated by Siegel.
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