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Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies Hardcover – December 17, 2013


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Stocks for the Long Run 5/E:  The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies + The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) (Collins Business Essentials) + One Up On Wall Street: How To Use What You Already Know To Make Money In The Market
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Product Details

  • Hardcover: 448 pages
  • Publisher: McGraw-Hill; 5 edition (December 17, 2013)
  • Language: English
  • ISBN-10: 0071800514
  • ISBN-13: 978-0071800518
  • Product Dimensions: 7.6 x 1.5 x 9.5 inches
  • Shipping Weight: 1.8 pounds (View shipping rates and policies)
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (44 customer reviews)
  • Amazon Best Sellers Rank: #8,927 in Books (See Top 100 in Books)

Editorial Reviews

Review

"[A] heavily researched book that cites historic and contemporary sources to support [its] thesis, but it is accessible to the average person." (Chicago Tribune)

About the Author

Jeremy J. Siegel is a professor of finance at the Wharton School of the University of Pennsylvania. Professor Siegel received his Ph.D. from M.I.T. and taught for four years at the University of Chicago before joining the Wharton faculty in 1976. He has written and lectured extensively about the economy and financial markets, monetary policy and interest rates, and stock and bond returns. Along with heading the macroeconomics module of the Morgan Bank Finance Program in New York, he is the academic director of the U.S. Securities Industry Institute and is on the Advisory Board of the Asian Securities Industry Association. Professor Siegel is courted by nearly every Wall Street firm as a consultant and lecturer and has appeared on CNBC, PBS, Wall Street Week, and NPR.

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Customer Reviews

Well researched and written.
Jackie Boggs
Great book on investing everyone should read it.
Bogdan Cyhaniuk
And this is the fifth edition of the book.
Brad Q. Rogers

Most Helpful Customer Reviews

45 of 47 people found the following review helpful By gary alan chamberlain on January 7, 2014
Format: Kindle Edition Verified Purchase
The basic theme throughout is simply that stock returns (in all developed nations, though at differing slopes, pp. 88-90) regress to a mean, as bonds, and all other investment alternatives, do not. That’s one point. By taking the long historical view (from the dawn of the American republic), Siegel also demonstrates (Chapter 6, pp. 93-103) that in this country over periods of five years and longer, real stock returns (after inflation) stray from our mean return (6.5%) less and less, until at thirty years the observed deviations are half what standard statistics expect. So stocks are both much more volatile short-term—cf. Mandelbrot and Hudson, The (mis)Behavior of Markets—and much less volatile long-term, than Modern Portfolio Theory says they should be. That’s point #2. And, his third crucial point, value strategies (Chapter 12, pp. 173-193, on low-P/E, high-dividend stocks) consistently surpass the market indices by 2% or more in annual compounded returns. I know of no other book which has made any one of these three points so clearly and demonstrated them so forcefully with historical data and mathematical analysis. Ben Graham, to be sure, made the case for value investing decades ago, and does a better job of understanding and presenting the process than anyone else before or since, but of course he couldn’t come close to the range and depth of modern databases and computing power to undergird his argument. Siegel has written the one book since Graham’s Intelligent Investor that everyone should read and re-read before presuming to buy any security other than an index fund.

So, for instance, I needed to know that stocks have never failed to offer a positive real return over any period of seventeen years or more.
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31 of 34 people found the following review helpful By Peter Steel on December 31, 2013
Format: Hardcover Verified Purchase
Five stars isn't enough. The new fifth edition of Jeremy Siegel's classic is even wiser, deeper, and conceptually richer than previous editions. It offers an expanded set of ideas to get one's mind around. It also seems somehow wiser to me--thoughtful, nuanced, highly informed, and very balanced--without mincing words or failing to make clear recommendations. It is the work of a mature mind coming to grips with a complex and still imperfectly understood subject that has enormous implications for the well-being of individuals and families. It makes pointed recommendations and also provides a full background understanding of the basis for the recommendations.

In reading the book, one has a sense of Professor Siegel's decency as a human being. The voice is gentle, modest but not lacking in authority or force. He is always intellectually curious and concerned for the welfare of his readers to whom he is making important recommendations. Completely absent is any sense of bombast or self-aggrandizement. The book is a pleasure to read on many levels--intellectual, practical, and for the engagement with an attractive personality, mind, and character.

I highly recommend it.
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14 of 14 people found the following review helpful By Tom on February 7, 2014
Format: Hardcover Verified Purchase
As an experienced investor who has read over a hundred investment books, Stocks for the Long run has always been in my top 5. Eager for updated data and analysis, I read the new 5th edition, but sadly, it added some uninsightful reviews of the credit crisis and took out some really good stuff, including data on returns following high sentiment, fed cuts, and economic cycles. One of my favorite items omitted was about the justified PE on the nifty fifty and what growth rates justify stock stock prices. Still a great book, but I think the 3rd edition is much better.
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7 of 8 people found the following review helpful By Eric C. Sedensky VINE VOICE on February 1, 2014
Format: Hardcover
Jeremy Siegel’s Stocks for the Long Run, here in its fifth edition, has long been considered as required reading for stock investors of all ilk. It is a book that is referred to steadily by the financial press and fellow financial authors when looking to explain some of the finer points of efficient and safe investing. As such, it has more than earned its place in the world of investing tomes. But Mr. Siegel does not rest on his laurels. Ever the scholar and purveyor of insight and knowledge, Mr. Siegel takes his considerable acumen and gobs of statistics and graphs and applies them to modern markets, bringing them to bear on the real estate implosion, the 2008 depression, the post-depression recovery, and the Fed’s tight money policy and qualitative easing. Everything that the press and TV financial gurus have worked so hard to obfuscate over the last six years suddenly becomes lucid and, if not sensible, at least explainable.

I enjoyed this book quite a lot, because although I am familiar with some of Mr. Siegel’s writing in various financial publications, this is my first time to read this book. I liked the fact that it reinforced my own long term investing viewpoints, and did so with clear examples, easy to understand graphs and tables, and an overall “no nonsense” tone that keeps the book light but “sturdy”. Mr. Siegel’s strength lies mainly in the fact that he doesn't tell potential investors what they should do. Instead, he tells you what to expect when it comes to what markets, individual stocks, and particular sectors might do, how to recognize what they are doing, and what you might want to consider doing to take advantage of that.
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