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Stocks for the Long Run
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Stocks for the Long Run : ウィキペディア英語版
Stocks for the Long Run

''Stocks for the Long Run'' is a book on investing by Jeremy Siegel.〔Stocks for the Long Run, by Jeremy J. Siegel, McGraw-Hill Companies; 4th edition (November 27, 2007, ISBN 978-0-07-149470-0)〕 Its first edition was released in 1994. Its fifth edition was released on January 7, 2014. According to Pablo Galarza of ''Money'', "His 1994 book ''Stocks for the Long Run'' sealed the conventional wisdom that most of us should be in the stock market."〔November 30, 2004 Siegel: How to invest now, November 30, 2004〕 James K. Glassman, financial columnist for The Washington Post called it one of the 10 best investment books of all time.〔(Buy! Sell! Have a Beer! Dueling Gurus (and Pals) ), David Leonhardt, ''The New York Times,'' September 2, 2001〕
==Overview==
Siegel is a professor of finance at the Wharton School of the University of Pennsylvania and a contributor to financial publications like ''The Wall Street Journal'', ''Barron's'', ''The New York Times'', and the ''Financial Times''.
The book takes a long-term view of the financial markets, starting in 1802, mainly in the United States (but with some comparisons to other financial markets as well). Siegel takes an empirical perspective in answering investing questions.
Even though the book has been termed "the buy and hold Bible",〔http://www.nareit.com/portfoliomag/04julaug/capital.shtml Q&A with Jeremy Siegel (2004 ) By Christopher M. Wright〕 the author occasionally concedes that there are market inefficiencies that can be exploited.
Siegel argues that stocks have returned an average of 6.5 percent to 7 percent per year after inflation over the last 200 years. He expects returns to be somewhat lower in the next couple of decades. In an article presented at the Equity Risk Premium forum of November 8, 2001, Siegel states:

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