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Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies 5th Edition

by Jeremy J. Siegel (Author)
4.6 4.6 out of 5 stars 759 ratings
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The stock-investing classic Updated to help you win in today's chaotic global economy

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 inthe 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 financial 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-termprofits in this new environment.

GLOBAL MARKETS
Learn all there is to know about the nature, size, and role of diversification 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 significance 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


Previous page
  1. ISBN-10
    0071800514
  2. ISBN-13
    978-0071800518
  3. Edition
    5th
  4. Publisher
    McGraw Hill
  5. Publication date
    January 7, 2014
  6. Language
    English
  7. Dimensions
    7.6 x 1.5 x 9.5 inches
  8. Print length
    448 pages
  9. See all details
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Editorial Reviews

From the Publisher

Jeremy Siegel is the Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania.

Product details

  • Publisher ‏ : ‎ McGraw Hill; 5th edition (January 7, 2014)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 448 pages
  • ISBN-10 ‏ : ‎ 0071800514
  • ISBN-13 ‏ : ‎ 978-0071800518
  • Item Weight ‏ : ‎ 1.91 pounds
  • Dimensions ‏ : ‎ 7.6 x 1.5 x 9.5 inches
  • Customer Reviews:
    4.6 4.6 out of 5 stars 759 ratings

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Jeremy J. Siegel

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4.6 out of 5 stars
4.6 out of 5
759 global ratings

Top reviews from the United States

Matthew Morine
5.0 out of 5 stars A Must Read For Ministers
Reviewed in the United States on May 2, 2017
Verified Purchase
I have two hobbies that I enjoy that are thought provoking. Playing chess and investing in stocks. Sometimes preachers are judged for investing for retirement or seeking to use the stock market to provide for themselves in retirement, but at the end of the day, these judgers are not going to pay your bills. This book was a great overview of the stock market, and even the great recession. It provided a lot of helpful advice, and helped create a long term perspective on investing in a stock. It highlights the value appraoch to stocks, but this pond has been fished a lot over the years. The book gave a lot of good principles to follow. Typically, there are highs and lows, and typically it is from people beginning to be too pessimistic or optimistic. Controlling your emotions is huge. It talks about passive investing, which I recommend for people, and active investing, which is much more enjoyable. Some people enjoy riding on a boat with a captain while others enjoy navigating the winds themselves. The author is a permenant bull on the market, which causes you to wonder about his advice. But at the end of the day, being safe, and investing over time seems to always win the day. So young ministers, start young, and be consistent. So here is some advice young preachers, if you are in your 20's, start a Roth IRA, invest in the S&P 500 fund or ETF.
48 people found this helpful
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Peter Steel
5.0 out of 5 stars Even better than previous editions. Five stars isn't enough.
Reviewed in the United States on December 31, 2013
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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.
49 people found this helpful
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John Herbstritt
4.0 out of 5 stars A placebo for investors yet found effective in the long run
Reviewed in the United States on January 5, 2024
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As the saying goes, "A little learning is a dangerous thing," and it is strongly advised that novice investors and traders avoid randomly reading books about finance theories and investing or trading strategies and immediately adopting them in the stock market. The market has proven to be an expensive place.

However, Siegel’s “Stocks for the Long Run,” as its name indicates, is the only strategy that all average investors should follow. This recommendation is made for "average" investors, acknowledging that the majority of individuals, including you and me, fall into this category. The book is described as a placebo for anxious investors, providing reassurance in uncertain market conditions. The review suggests that simply sitting back and (re)reading the book, perhaps even repeating the title, can be a calming exercise.

In fact, Siegel’s “Stocks for the Long Run” is not solely about stocks for the long run. It is a conclusion supported by substantial evidence, including market data analysis and finance theories throughout the book. The author's findings on how various factors such as inflation tax, calendar effects, and news influence the market are highlighted. Additionally, Siegel's citation of Bob Shiller’s work on CAPE ratio is mentioned as validation for his claim that the value of stocks increases in the long run.

However, I do have several critical comments that are summarized as follows:

1. There is too much numerical analysis on historical stock prices throughout the book, which is boring to read. As Paul Samuelson is fond of saying “We but only have one sample of history,” I don’t see the meaning of repeatedly studying the rationales behind the ups and downs of our ONE sample history. It could be just random noises. Period.

2. While most economists would attack the fundamental tenet of the chartists - that stock prices follow predictable patterns, Siegel gave those pattern strategies a cautious nod. Although there was nothing wrong with such a position, his explanation was not convincing to me. In fact, for the 8 price pattern examples (4 true patterns and 4 counterfeit patterns) he gave on Page 315 and asked the readers to distinguish between them, I was able to identify 5 out of 8 correct. If the volume data were also given, I was confident to be able to do much better. This is evidence that experienced practitioners can distinguish fake financial data from true ones, confirming that the market is not necessarily random at all times.

3. Many times, as I read through the text, I felt he was about to deliver an important takeaway, but suddenly all enthusiasm was erased by the real question: how high is high and how low is low. Although this is true that there is no way to answer such a question and that’s why we should hold the stocks for the long run, well, that reading experience is not that pleasant. Maybe I’m too picky.

4. While Siegel is discussing the September effect, I don’t agree that he attributed that to the mass behavior of paying bills for their summer vacations. Siegel is a professor who enjoys summer vacations every year, but not all working class people have that privilege.

To conclude, despite these minor issues, this is a good read. As investors and traders, we must remember our challenge stems from our psychology other than our intellectual ability. When you are in doubt about your investment, sit back and (re)read the book.
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Top reviews from other countries

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Siddharta Legale
5.0 out of 5 stars $$$$$$$
Reviewed in Brazil on April 1, 2024
Verified Purchase
Gostei da história do mercado financeiro americano. Não gostei do fato de ter pouco estudo de caso exemplificando o crescimento no longo prazo. Queria mais exemplos e de forma mais claro. Achei pouco prático para um livro que seria um guia... Mas achei legal pra começar a ter uma noção geral sobre o mercado de ações....
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Mariagiulia p.
5.0 out of 5 stars must read finance book
Reviewed in Italy on September 25, 2023
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A book full of financial wisdom. A Must read book for equity investors, both for beginners and professionals. Easy and fast to read
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Harsh Tiwari
5.0 out of 5 stars Must read
Reviewed in India on November 22, 2021
Verified Purchase
It talk about movement of stocks in different economic environment / conditions .... Growth projection also ... Help you in understanding stocks from different-2 perspective .
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Pawn
5.0 out of 5 stars Personally the best investing book I have read
Reviewed in Spain on June 16, 2021
Verified Purchase
One of the best books for investing!
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Caesar
5.0 out of 5 stars Great book for investment
Reviewed in the United Kingdom on June 3, 2021
Verified Purchase
Book full of interesting facts and stats, which touches base on numerous events that affected the Stock Market.
Essentially, the message of the book is the same as the title: stocks are some of the best investments for the long run.
Recommended!
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