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Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies |  |
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Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies | |
Much has changed since the last edition of Stocks for the Long Run. The financial crisis, the deepest bear market since the Great Depression, and the continued growth of the emerging markets are just some of the contingencies directly affecting every portfolio in the world.
To help you navigate markets and make the best investment decisions, Jeremy Siegel has updated his bestselling guide to stock market investing.
This new edition of Stocks for the Long Run answers all the important questions of today: How did the crisis alter the fi nancial markets and the future of stock returns? What are the sources of long-term economic growth? How does the Fed really impact investing decisions? Should you hedge against currency instability?
Stocks for the Long Run, Fifth Edition, includes brand-new coverage of:
THE FINANCIAL CRISIS
Siegel provides an expert’s analysis of the most important factors behind the crisis; the state of current stability/instability of the financial system and where the stock market fits in; and the viability of value investing as a long-term strategy.
CHINA AND INDIA
The economies of these nations are more than one-third larger than they were before the 2008 financial crisis; you'll get the information you need to earn long-term profits in this new environment.
GLOBAL MARKETS
Learn all there is to know about the nature, size, and role of diversifi cation in today’s global economy; Siegel extends his projections of the global economy until the end of this century.
MARKET VALUATION
Can stocks still provide 6 to 7 percent per year after inflation? This edition forecasts future stock returns and shows how to determine whether the market is overvalued or not.
Essential reading for every investor and advisor who wants to fully understand the forces that move today's markets, Stocks for the Long Run provides the most complete summary available of historical trends that will help you develop a sound and profitable long-term portfolio.
PRAISE FOR STOCKS FOR THE LONG RUN:
“Jeremy Siegel is one of the great ones.” ―JIM CRAMER, CNBC’s Mad Money
“[Jeremy Siegel’s] contributions to finance and investing are of such signifi cance as to change the direction of the profession.” ―THE FINANCIAL ANALYST INSTITUTE
“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
"A book that all investors―nervous Nellies in particular―should read." ―Investing.com
媒体推荐"[A] heavily researched book that cites historic and contemporary sources to support [its] thesis, but it is accessible to the average person." Chicago Tribune 20140109
作者简介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.
网友对Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies的评论
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.
Well researched and supported by 200+ years of data, Professor Siegel's book makes a compelling case that stocks historically have provided far higher returns with (this is surprising) less risk that other asset classes for the patient investor with the right time horizon. I, for one, have never understood the conventional wisdom that someone like me, 10+ years from retirement should have 45% of my nest egg in bonds, which have their own risks as rates rise. I've read pretty much every investing book there is, and this is in the top 6 along with A Random Walk Down Wall Street (start with this gem), Unconventional Success (Yale Endowment superstar David Swenson's primer for the rest of us), Robert Shiller's Irrational Exuberance, The Intelligent Investor (still interesting after all these decades but not as readable as the others), and Warren Buffet's Berkshire Hathaway Letters to Shareholders 1965-present.
Now, if you have found yourself up at night, or worse yet, selling, during the latest big market sell off that is currently going on, then yes, the stock market may not be for you. If however, you look at the historical data Jeremy Siegle provides, you may see it as an opportunity. No matter what you decide to do based on your own temperament and time horizon, the information provided in the classic should prove educational.
Not as interesting as a prior edition of this book by I believe the same name. I read it around 2006 just prior to Dow's 50% drop. He suggested a few ideas that he'd back-tested and worked in prior decades; I tried several, they all bombed of course as it was 2007-9. None of these were mentioned this time.
Bottom line: according to all his testing he came to same conclusion as everyone else: only buy Index funds that are very low load, such as VTI. I've owned VTI for years. Also discusses "fundamental" index funds and suggests they may work.
He did kill off idea of September being a bad month for market (it was until 20 years ago) by stating bad month is now August, and, that the January effect doesn't work well anymore.
Siegel is a top notch source for learning more about equities.
I didn't learn much but as a student of Wall Street it was a quick, easy, fun read.
I'd suggest it for beginners.
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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