It is never possible to list all the individuals and organizations that have
praisedStocks for the Long Runand encouraged me to update and ex-
pand past editions. Many who provided me with data for the first three
editions of Stocks for the Long Runwillingly contributed their data again
for this fourth edition, including the Vanguard Group, Morgan Stanley,
Smithers & Co., and Randell Moore of Blue Chip Economic Indicators.
Jeremy Schwartz, who was my principal researcher for the third
edition of Stocks for the Long Runas well as for The Future for Investors,
provided invaluable assistance for the fourth edition. More than a year
ago he and I sketched the outline for the new edition, and his participa-
tion, despite the heavy demands of his own new career, was essential to
this edition’s success. As with previous editions, this work would not
have been possible without the help of Wharton students. In particular,
I wish to thank Winston Liu, Peter Yi Wang, Anthony Massaro, and
Adam Freedman for their invaluable help. Adam Freedman especially
provided critical research support during the final stages of this manu-
script, and without his dedicated work, this edition would not have
been completed in a timely manner.
A special thanks goes to the thousands of financial advisors from
dozens of financial firms, such as Merrill Lynch and Morgan Stanley,
who have provided me with invaluable feedback on earlier editions of
Stocks for the Long Runin seminars and open forums. As senior invest-
ment strategy advisor to WisdomTree Investments, I have been better
able to articulate the value-based strategies discussed in this book.
Again, I am honored that Peter Bernstein has written a foreword for
this fourth edition. I strive to attain the clarity that he has achieved in his
bestselling books about the history and practice of investing.
For a manuscript to become a finished book requires an editor, and
I can honestly say that Leah Spiro of McGraw-Hill took over the respon-
sibility from Jeffrey Krames, my editor for the last two editions, with
both skill and enthusiasm. Her input helped focus the material, and her
encouragement spurred me to meet the tight deadlines. As with the last
edition, Jane Palmieri did a superb job as editing manager.
As before, the support of my family was critical in my being able to
produce this edition. Now that my sons are grown and out of the house,
it was my wife Ellen who had to pay the whole price of the long hoursxxiACKNOWLEDGMENTS
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