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

ranged up to 79 percent in 1936, the effective maximum tax on very- long-term gains was reduced to about 24 percent. In 1938, th ...

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6 CHAPTER THE INVESTMENT VIEW OF STOCKS How Fickle Markets Overwhelm Historical Facts The “new-era” doctrine—that “good” stocks ...

It was a seasonally cool Monday evening on October 14, 1929, when Irv- ing Fisher arrived at the Builders’ Exchange Club at 2 Pa ...

But one should hesitate to render too harsh a judgment on Fisher’s analysis. By the end of 1929, stock prices had recovered near ...

time (which he put at 6 and, at most, 15 years) before being able to sell your stocks at a profit. He concluded: We have found t ...

Smith’s ideas quickly crossed the Atlantic and were the subject of much discussion in Great Britain. John Maynard Keynes, the gr ...

Common Stock Theory of Investment The research demonstrating the superiority of stocks became known as the “common stock theory ...

David Dodd, a finance professor at Columbia University, wrote Security Analysis, which became the bible of the value-oriented ap ...

volume over 1 million shares in 1936. By regularly purchasing these 92 stocks without any regard to the stock market cycle (a st ...

quently quoted and have often served as the return benchmarks for the securities industry.^25 THE BEGINNING OF THE GREAT BULL MA ...

But such caution was ill advised. After a successful battle against inflation in 1994, the Fed eased interest rates and the Dow ...

increasingly conspicuous,” and he cited assurances offered by optimists equivalent to Irving Fisher’s utterance that stocks had ...

ships and resorts in some of the world’s most isolated locations were sure to carry all-financial stations. Air travelers could ...

to reduce their returns to those of bonds, which implied an astronomical level for stock prices.^33 Despite the pundits’ preoccu ...

Gross, the legendary head of the PIMCO bond trading department and head of at that time the largest mutual fund in existence, ca ...

early 2007 the valuation of stocks, particularly large-capitalization equi- ties, was near its historical average, and many hedg ...

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2 PART VALUATION, STYLE INVESTING, AND GLOBAL MARKETS Copyright © 2008, 2002, 1998, 1994 by Jeremy J. Siegel. Click here for ter ...

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