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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 the Digital edition.
Top Customer Reviews
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.Read more ›
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 ›
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.
Most Recent Customer Reviews
Just another 5 star review for a recognized classic. I'll admit, there's a lot to digest here, and the market history can wear on me - but the useful observations are many.Published 1 day ago by J. Glove
Best reading on market. Well written and easy to read and follow, most likely I will read it again in few month.Published 9 days ago by steve nasiri
Very well written, explained the ideas thoroughly and with enough examples, but not so many as to be boring. It, unlike many finance books, was easy and enjoyable to read. Read morePublished 14 days ago by Ed P.
I like listening to Siegel on XM radio, so thought I would try his book. I think this book is an excellent source on investing in the stock market and why it still makes sense to... Read morePublished 1 month ago by kbw
This book will teach you how to diversify your portfolio for the long run. Jeremy Siegel did a great job with this publish.Published 1 month ago by Abraham
Siegel takes it back to the basics and reminds investors how not to get caught up in the drama and 24 hour financial news cycle. A great read for investors of any level. Read morePublished 1 month ago by Tom L Awadalla
Very nice guide on stocks investment. Based on real data the author arguments are undeniable. For those thinking on a long term strategy, not a daily trading, the book is... Read morePublished 4 months ago by ANTONIO S.