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Stocks for the Long Run : The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies Hardcover – June 21, 2002
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In summing up his approach to investing, Siegel writes, "Poor investment strategy, whether it is for lack of diversification, pursuing hot stocks, or attempting to time the market, often stems from the investor's belief that it is necessary to beat the market to do well in the market. Nothing is further from the truth. The principle of this book is that through time the after-inflation returns on a well-diversified portfolio of common stocks have not only exceeded that of fixed income assets but have actually done so with less risk. Which stocks you own is secondary to whether you own stocks, especially if you maintain a balanced portfolio."
Stocks for the Long Run considers subjects as diverse as the history of the various market indices and what makes for a business cycle to contrarian indicators and the utility of 200-day moving averages. If you've just come into investing in the last few years and feel the need for a solid and comprehensive text about the market, Stocks for the Long Run is probably the best primer available. It also works as an excellent reference for seasoned investors and anyone else interested in how the market works. --Harry C. Edwards --This text refers to an out of print or unavailable edition of this title.
Top Customer Reviews
This book is the best summary of the historical data on investing. Some of the data go back to 1802.
Rather than summarize everything the book shows, let me focus in on a few key points that might slip past you. These are contrary to the conventional wisdom in some cases, and different from what you will hear on television. I suggest you pay careful heed.
(1) Diversification and historical data suggest that you should be sure to invest outside of the United States with part of your financial assets. Currently, for many people, this should be up to 25 percent of the total portfolio in international stocks. These stocks should be equally weighted between Europe, Asia, and emerging countries.
(2) Written in 1997 for this edition when the Dow was 7400, nothing in the book justifies a Dow of 11,000. If you look at the long-term chart of stock-price multiples, there has been a severe downdraft after the two other times when multiples expanded so much. This suggests caution.
(3) Small cap value stocks provided superior returns historically, and those returns were highly concentrated in January of each year. This suggests a potential trading strategy opportunity of owning those stocks in January and shifting into other stocks at the end of January, depending on the 200 day moving average trends.
(4) Almost no professional investors keep up with the market averages over 10 years.Read more ›
"Stocks for the Long Run" is Siegel's seminal work (now in its third edition), an excellent introduction to investing for the average investor looking to save for retirement. If the SEC were to choose one book to force people to read before they were allowed to invest their money in the stock market, this book would be it. In fact, the people who lost their retirement money because it was all invested in one stock such as Enron or Worldcom (or a bunch of dot-coms), or who lost a fortune day trading when the market tanked, would have been so much better off if they had just read this book and applied its lessons. They would be better off, the market would be much less volatile, the allocation of capital would be more efficient, the economy would be stronger, and the world would be a better place, if only more people would read this book.
"Stocks for the Long Run" gives you all the knowledge you need to implement a solid investment strategy.Read more ›
Spend less, save more, and put your savings where they have the best chance to grow.
Most Recent Customer Reviews
Must read for the serious investor. NOT a tip list, rather serious economic research made readable for the lay investor who can make long term investment decisions now on advice... Read morePublished 7 months ago by Dr. J.
I have read many Jeremy Siegel articles over the years and he has an outstanding record in finance and investing. Read morePublished 16 months ago by Bob
There are many weak points from where Dr. Jeremy Siegel's idea of investing for the long run can be refuted. Read morePublished on March 14, 2013 by J. Rogelio
Another good book covers the history and averages for best days and months to invest. Received the book in excellent condition at a good price.Published on March 2, 2013 by Sarha Wesnoski
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 morePublished on August 14, 2009 by Mariusz Skonieczny
Those of us who know what is what rarely take the public stage. Rewards there are as Kissinger suggested, meager. Read morePublished on April 11, 2009 by Jorge R. Landeros
For any investor who truly wants to understand the data behind making solid investment decisions, Jeremy Siegel provides the most complete information and recommendations of almost... Read morePublished on January 11, 2009 by Debbie in Lakelands
Jeremy Siegel is the Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania. Read morePublished on February 15, 2008 by Maxim Masiutin
I agree with the other reviewers that this book is an outstanding essay for those who want to learn how to select stocks for a value portfolio. Read morePublished on February 15, 2007 by SNOOKIE