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Stocks for the Long Run, 4th Edition: The Definitive Guide to Financial Market Returns & Long Term Investment Strategies (Hardcover)

~ Jeremy Siegel (Author)
Key Phrases: style investing, security analysis, building wealth, United States, New York, World War (more...)

4.6 out of 5 stars See all reviews (12 customer reviews)

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Editorial Reviews

Product Description

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 domestic and 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.

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

See all Editorial Reviews

Product Details

Hardcover: 436 pages
Publisher: McGraw-Hill; 4 edition (November 27, 2007)
Language: English
ISBN-10: 0071494707
ISBN-13: 978-0071494700
Product Dimensions: 9.3 x 7.6 x 1.5 inches
Shipping Weight: 2.1 pounds (View shipping rates and policies)

Average Customer Review: 4.6 out of 5 stars See all reviews (12 customer reviews)

Amazon.com Sales Rank: #23,781 in Books (See Bestsellers in Books)
Popular in this category: (What's this?)
#73 in Books > Business & Investing > Investing > Stocks

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Front Cover | Table of Contents | First Pages | Index | Surprise Me!

Inside This Book (learn more)

Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
style investing, security analysis, building wealth, fund performance, beating the market, index fund, equity risk premium, fundamental indexation, noisy market hypothesis, common stock theory, paper money standard, stock index futures market, calendar anomalies, various holding periods, total real returns, real stock returns, core earnings, myopic loss aversion

Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, New York, World War, Stock Fluctuations, Wall Street, January Effect, Dow Industrials, The Verdict of History, Global Markets, Dow Jones Industrial Average, Federal Reserve, Philip Morris, Short Run, Journal of Finance, Hong Kong, United Kingdom, Great Depression, Market Volatility, Outperforming the Market, Financial Analysts Journal, Portfolio Allocation, South Korea, Irving Fisher, The Rise of Exchange-Traded Funds, The Investment View of Stocks

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Front Cover | Table of Contents | First Pages | Index | Surprise Me!

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Customer Reviews

12 Reviews

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4.6 out of 5 stars (12 customer reviews)

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Most Helpful Customer Reviews

20 of 22 people found the following review helpful:

5.0 out of 5 stars A New Gloss on Stocks for the Long Run, August 27, 2008

By	Great Faulkner's Ghost (Washington, DC) - See all my reviews (TOP 500 REVIEWER)

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. The effect of ignoring this is that his historical comparisons are not terribly meaningful because he is not calculating the returns on true (after tax) contributions to dividend stocks vs. growth stocks. Naturally, if more is contributed to the dividend stocks, there is likely to be more at the end. (BTW, this is basically the same fallacy that sunk the allegedly huge returns of the otherwise delightful "Beardstown Ladies" of yore.) Given that the magnitude of the "advantage" he posits of dividend stocks vs. growth stocks is not all that great, one cannot have confidence that he has truly made his case.

That said, his advice is very useful for investors in tax sheltered 401Ks. Also, the new lower tax rate on dividends also helps lessen, though not eliminate, the effects of yearly taxation of dividends.

In addition to emphasizing the importance of the contribution of stock dividends to equity portfolio performance, this book also grapples with a perplexing challenge to Siegel's original stocks for the long run mantra, the much vexed question of what will happen if and when the populous Baby Boom generation attempts to cash in its stock and bond retirement portfolios by selling them to the smaller demographic of Gen X and Gen Y. An entire school of catastrophe futurologists, most notably Harry Dent, but also more mainstream voices like Peter G. Peterson (The Grey Wave) have warned that this so-called Age Wave is about to wreak havoc with stock market investments. In this book, Siegel does not dismiss this issue, but deals with it in a logical and generally less alarmist point of view. At the risk of oversimplifying a complex analysis, Siegel's bottom line is that while it is true that there are not enough younger generation Americans to absorb the Boomers stock and bond assets at current prices, investors in emerging countries, like China and India, will more than make up for that and will end up buying the Baby Boomer's paper assets as the Boomers sell them off to fund their retirements. The upshot is that foreigners will end up owning a lot of our companies by the year 2050. A potential snag, says Siegel, is whether America will be willing to let this happen, or will pass laws or adopt polices to discourage the transfer of US assets to foreign countries. This remains to be seen, but he is optimistic. On the other hand, the implications for the typical Baby Boomer's most important asset, his or her house, is rather dire, because homes can't be sold as readily to foreigners, for obvious reasons. Siegel doesn't provide an answer for the housing market, which is outside the scope of a book on stock investing in any event. Overall, this remains one of the best written and most sensible investment books available today, now offering a more nuanced and even more helpful sets of advice than the previous editions. With new information and analysis, this is well worth owning, even if you have a previous edition.

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7 of 10 people found the following review helpful:

5.0 out of 5 stars The environment map to help you move in ANY stock market, March 16, 2008

By	Li Heng Mei "book worm" (Rio de Janeiro, Brazil) - See all my reviews

Recently published (end of 2007) very helpful to give an overall view of the world stock markets, with enphasis on the american market of course. In my opinion it gives a helicopter view of the economy and the stock market movements and in doing so it provides you with a map of the "territory" you are moving in (as it were). Great statistic amount of information.

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2 of 3 people found the following review helpful:

5.0 out of 5 stars Stock Market Investing, January 11, 2009

By	Michael J. Hammel (Garden Grove, CA United States) - See all my reviews (REAL NAME)

Outstanding and should be read by anyone who is investing or thinking of investing in the stock or bond market. Dr. Siegel backs all of his findings with facts. This book is an easy read and leaves you looking for more books written by Prof. Siegel.

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Most Recent Customer Reviews

4.0 out of 5 stars It's a nice book
It's well written. Tells you how to manage your portfolio in the long run. Good for those people who live long enough to benefit from the statistics summarized for the performance... Read more

Published 19 days ago by H. Li

4.0 out of 5 stars Is a weak dollar really bad for stocks?
The author of this book argues that stocks are the best investment vehicles for the long-term. He supports his point by providing a graph that shows the performance of different... Read more

Published 3 months ago by Mariusz Skonieczny

3.0 out of 5 stars Some small problems
True believers in the gospel of "Stocks for the Long Run" beware:

1. CDs beat Stocks from 1994 to 2009

2. Read more

Published 4 months ago by Nikolai N Bezroukov

5.0 out of 5 stars great book
Stocks for the Long Run, 4th Edition: The Definitive Guide to Financial Market Returns And Long Term Investment Strategies

everything was well explained and quite... Read more

Published 6 months ago by Lenny Sims

5.0 out of 5 stars Great info and includes International stats in Vol. 4
Jeremy Siegel always provides great research for those who study stock market trends over time. This edition also includes International asset classes. Read more

Published 7 months ago by Claire

4.0 out of 5 stars Getting the broad picture
If you have no training in finance, this book is a good starting point. Don't expect to trade like a pro after reading this, though. Read more

Published 10 months ago by A. Raffo

5.0 out of 5 stars Outstanding Overview of Stock Investing
Dr. Siegel, one of the top academics in finance, has provided a comprehensive, up-to-date overview of investing in stocks. Read more

Published 19 months ago by F. Tromans

5.0 out of 5 stars Professor Siegel gets an A+
Siegel's masterpiece is a must buy for anyone who wants to stop wasting money on mutual fund fees and start accumulating wealth. Read more

Published 19 months ago by FOREX TRADER

5.0 out of 5 stars Excellent Investment Guide
This is much improved from the first and second editions. (I didn't read the third edition and may not have read all of the second. Read more

Published 22 months ago by Jerome Scanlan

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