Stocks for the Long Run, 4th Edition：The Definitive Guide to Financial Market Returns & Long Term Investment Strategies, 4th Edition

作者: Jeremy J. Siegel

出版社: Oversea Publishing House

出版时间: 2007-11

版次: 1

ISBN: 9780071494700

装帧: 精装

开本: 大16开

纸张: 胶版纸

页数: 380页

分类: 外文古旧书>英文书>经济

5人买过

Stocks for the Long Run set a precedent as the most complete and irrefutable case for stock market investment ever written. Now, this bible for long-term investing continues its tradition with a fourth edition featuring updated, revised, and new material that will keep you competitive in the global market and up-to-date on the latest index instruments.


  Wharton School professor Jeremy Siegel provides a potent mix of new evidence, research, and analysis supporting his key strategies for amassing a solid portfolio with enhanced returns and reduced risk. In a seamless narrative that incorporates the historical record of the markets with the realities of today's investing environment, the fourth edition features:

  A new chapter on globalization that documents how the emerging world will soon overtake the developed world and how it impacts the global economy

  An extended chapter on indexing that includes fundamentally weighted indexes, which have historically offered better returns and lower volatility than their capitalization-weighted counterparts

  Insightful analysis on what moves the market and how little we know about the sources of big market changes

  A sobering look at behavioral finance and the psychological factors that can lead investors to make irrational investment decisions

  A major highlight of this new edition of Stocks for the Long Run is the chapter on global investing. With the U.S. stock market currently holding less than half of the world's equity capitalization, it's important for investors to diversify abroad. This updated edition shows you how to create an “efficient portfolio” that best balances asset allocation in domestic and foreign markets and provides thorough coverage on sector allocation across the globe.

  Stocks for the Long Run is essential reading for every investor and advisor who wants to fully understand the market-including its behavior, past trends, and future influences-in order to develop a prosperous long-term portfolio that is both safe and secure. Jeremy J. Siegel is the Russell E.Palmer Professor of Finance at The Wharton School of the University of Penneylvania, the acadmic director of the Securities Industry Institute, and a senior investment strategy advisor to WisdomTree Investments, which cre Foreword

Preface

Acknowledgments

PART 1 THE VERDICT OF HISTORY

　Chapter 1 Stock and Bond Returns Since 1802

　　"Everybody Ought to Be Rich"

　　Financial Market Returns from 1802

　　The Long-Term Performance of Bonds

　　The End of the Gold Standard and Price Stability

　　Total Real Returns

　　Interpretation of Returns

      Long-Term Returns

      Short-Term Returns and Volatility

　　Real Returns on Fixed-Income Assets

　　The Fall in Fixed-Income Returns

　　The Equity Premium

　　Worldwide Equity and Bond Returns: Global Stocks for the Long Run

　　Conclusion: Stocks for the Long Run

　　Appendix 1: Stocks from 1802 to 1870

　　Appendix 2: Arithmetic and Geometric Returns

　Chapter 2 Risk, Retum, and Portfolio Allocation:

　　Why Stocks Are Less Risky Than Bonds in the Long Run

　　Measuring Risk and Return

　　Risk and Holding Period

　　Investor Returns from Market Peaks

　　Standard Measures of Risk

　　Varying Correlation between Stock and Bond Returns

　　Efficient Frontiers

　　Recommended Portfolio Allocations

　　Inflation-Indexed Bonds

　　Conclusion

　Chapter 3 Stock Indexes: Proxies for the Market

　　Market Averages

　　The Dow Jones Averages

    　Computation of the Dow Index

      Long-Term Trends in the Dow Jones

　　Beware the Use of Trend Lines to Predict Future Returns

　　Value-Weighted Indexes

      Standard & Poor's Index

      Nasdaq Index

      Other Stock Indexes: The Center for Research in Security Prices (CRSP)

　　Return Biases in Stock Indexes

　　Appendix: What Happened to the Original 12 Dow Industrials?

　Chapter 4 The S&P 500 Index: A Half Century of U.S. Corporate History

　　Sector Rotation in the S&P 500 Index

　　Top-Performing Firms

　　How Bad News for the Firm Becomes Good News for Investors

　　Top-Performing Survivor Firms

　　Other Firms That Turned Golden

　　Outperformance of Original S&P 500 Firms

　　Conclusion

PART 2 VALUATION, STYLE INVESTING, AND GLOBAL MARKETS

PART 3 HOW THE ECONOMIC ENVIRONMENT IMPACTS STOCKS

PART 4 STOCK FLUCTUATIONS IN THE SHORT RUN

PART 5 BUILDING WEALTH THROUGH STOCKS

Index
内容简介:
Stocks for the Long Run set a precedent as the most complete and irrefutable case for stock market investment ever written. Now, this bible for long-term investing continues its tradition with a fourth edition featuring updated, revised, and new material that will keep you competitive in the global market and up-to-date on the latest index instruments.


  Wharton School professor Jeremy Siegel provides a potent mix of new evidence, research, and analysis supporting his key strategies for amassing a solid portfolio with enhanced returns and reduced risk. In a seamless narrative that incorporates the historical record of the markets with the realities of today's investing environment, the fourth edition features:

  A new chapter on globalization that documents how the emerging world will soon overtake the developed world and how it impacts the global economy

  An extended chapter on indexing that includes fundamentally weighted indexes, which have historically offered better returns and lower volatility than their capitalization-weighted counterparts

  Insightful analysis on what moves the market and how little we know about the sources of big market changes

  A sobering look at behavioral finance and the psychological factors that can lead investors to make irrational investment decisions

  A major highlight of this new edition of Stocks for the Long Run is the chapter on global investing. With the U.S. stock market currently holding less than half of the world's equity capitalization, it's important for investors to diversify abroad. This updated edition shows you how to create an “efficient portfolio” that best balances asset allocation in domestic and foreign markets and provides thorough coverage on sector allocation across the globe.

  Stocks for the Long Run is essential reading for every investor and advisor who wants to fully understand the market-including its behavior, past trends, and future influences-in order to develop a prosperous long-term portfolio that is both safe and secure.
作者简介:
Jeremy J. Siegel is the Russell E.Palmer Professor of Finance at The Wharton School of the University of Penneylvania, the acadmic director of the Securities Industry Institute, and a senior investment strategy advisor to WisdomTree Investments, which cre
目录:
Foreword

Preface

Acknowledgments

PART 1 THE VERDICT OF HISTORY

　Chapter 1 Stock and Bond Returns Since 1802

　　"Everybody Ought to Be Rich"

　　Financial Market Returns from 1802

　　The Long-Term Performance of Bonds

　　The End of the Gold Standard and Price Stability

　　Total Real Returns

　　Interpretation of Returns

      Long-Term Returns

      Short-Term Returns and Volatility

　　Real Returns on Fixed-Income Assets

　　The Fall in Fixed-Income Returns

　　The Equity Premium

　　Worldwide Equity and Bond Returns: Global Stocks for the Long Run

　　Conclusion: Stocks for the Long Run

　　Appendix 1: Stocks from 1802 to 1870

　　Appendix 2: Arithmetic and Geometric Returns

　Chapter 2 Risk, Retum, and Portfolio Allocation:

　　Why Stocks Are Less Risky Than Bonds in the Long Run

　　Measuring Risk and Return

　　Risk and Holding Period

　　Investor Returns from Market Peaks

　　Standard Measures of Risk

　　Varying Correlation between Stock and Bond Returns

　　Efficient Frontiers

　　Recommended Portfolio Allocations

　　Inflation-Indexed Bonds

　　Conclusion

　Chapter 3 Stock Indexes: Proxies for the Market

　　Market Averages

　　The Dow Jones Averages

    　Computation of the Dow Index

      Long-Term Trends in the Dow Jones

　　Beware the Use of Trend Lines to Predict Future Returns

　　Value-Weighted Indexes

      Standard & Poor's Index

      Nasdaq Index

      Other Stock Indexes: The Center for Research in Security Prices (CRSP)

　　Return Biases in Stock Indexes

　　Appendix: What Happened to the Original 12 Dow Industrials?

　Chapter 4 The S&P 500 Index: A Half Century of U.S. Corporate History

　　Sector Rotation in the S&P 500 Index

　　Top-Performing Firms

　　How Bad News for the Firm Becomes Good News for Investors

　　Top-Performing Survivor Firms

　　Other Firms That Turned Golden

　　Outperformance of Original S&P 500 Firms

　　Conclusion

PART 2 VALUATION, STYLE INVESTING, AND GLOBAL MARKETS

PART 3 HOW THE ECONOMIC ENVIRONMENT IMPACTS STOCKS

PART 4 STOCK FLUCTUATIONS IN THE SHORT RUN

PART 5 BUILDING WEALTH THROUGH STOCKS

Index