have misinterpreted historical evidence on dividend growth and corpo-
rate profits.CONCLUDING REMARKS
Since the publication of the first edition of Stocks for the Long Run, there
have been some extraordinary events in the capital markets. The great-
est bull market in the 200-year history of U.S. equities ended in 2000
when the surging technology stocks crashed and U.S. stocks entered a
severe bear market. And the terrorist attacks of 9/11 closed the exchange
for four days, the longest period since the Great Depression.
Yet the public, once regarded as fickle and quick to abandon stocks
in difficult times, stuck with equities. There appeared to be much less
public disenchantment with stocks in the last bear market than in previ-
ous downturns, and surveys showed that most retained their faith that
stocks were still the best long-term investment. If earlier editions of
Stocks for the Long Runplayed some small part in stock investors’ new-
found tenacity, I take great satisfaction.
Nevertheless, all who strive to be successful investors must exercise
patience. In 1937, John Maynard Keynes stated in The General Theory:
“Investment based on genuine long-term expectation is so difficult
today as to be scarcely practicable.” Seventy years later, long-term in-
vesting is as difficult as ever, but with today’s growing global economy,
there is overwhelming evidence that stocks will remain the best invest-
ment for all those seeking long-term gains.Jeremy J. SiegelPREFACE xix