Stocks for the Long Run : the Definitive Guide to Financial Market Returns and Long-term Investment Strategies

have misinterpreted historical evidence on dividend growth and corpo- rate profits. CONCLUDING REMARKS Since the publication of ...

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It is never possible to list all the individuals and organizations that have praisedStocks for the Long Runand encouraged me to ...

spent producing this book. She convinced me to completely clear my summer schedule so that I could complete the first draft befo ...

STOCKS FOR THE LONG RUN ...

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1 PART THE VERDICT OF HISTORY Copyright © 2008, 2002, 1998, 1994 by Jeremy J. Siegel. Click here for terms of use. ...

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1 Chapter STOCK AND BOND RETURNS SINCE 1802 I know of no way of judging the future but by the past. PATRICKHENRY, 1775^1 “EVERYB ...

of the 1920s bull market. Stocks excited investors, and millions put their savings into the market seeking quick profit. On Sept ...

caution, eventually found themselves far behind investors who had pa- tiently accumulated equity.^4 The story of John Raskob’s i ...

It can be easily seen that the total return on equities dominates all other assets. Even the cataclysmic stock crash of 1929, wh ...

overwhelming, sum of money to the industrialists and landholders of the early nineteenth century.^9 But total wealth in the stoc ...

mained within a narrow range. But from 1926 to the present, the behav- ior of both long- and short-term interest rates changed d ...

The 1970s marked an unprecedented change in interest rate behav- ior. Inflation reached double-digit levels, and interest rates ...

banking panics and severe depressions that plagued the gold standard and still bring inflation down to very moderate levels, as ...

TOTAL REAL RETURNS The focus of every long-term investor should be the growth of purchas- ing power—that is, monetary wealth adj ...

traordinary changes in the economic, social, and political environment over the past two centuries, stocks have yielded between ...

return on stocks has been 6.9 percent per year. This is virtually identical to the previous 125 years, which saw no overall infl ...

neously transmitted and simultaneously broadcast around the world. Yet despite mammoth changes in the basic factors generating w ...