Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies 6th Edition by Jeremy J. Siegel – Ebook PDF Instant Download/DeliveryISBN: 1264269811 9781264269815
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ISBN-10 : 1264269811
ISBN-13 : 9781264269815
Author : Jeremy J. Siegel
The long-awaited revised edition of the stock trading classic gets you fully up to date on value investing, ESG investing, and other important developments The definitive guide to stock trading, Stocks for the Long Run has been providing the knowledge, insights, and tools that traders need to understand the market for nearly 30 years. It’s been updated with new chapters and content on: The role of value investing The impact of ESG―Environmental/Social/Governance―issues on the future of investing The current interest rate environment Future returns investors should expect in the bond and stock markets The role of international investing The long-run risks on equity markets The importance of black swan events, such as a pandemic and the financial crisis You’ll also get in-depth discussions on the big questions investors face: Is international Investing dead? What do global changes like climate change mean for markets wo0rldwide? Consult this classic guide to master the stock market’s behavior, past trends, and future forecasts, so you have all the tools you need to develop a powerful long-term portfolio that’s both safe and secure.
Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies 6th Table of contents:
Part I Verdict of History
Chapter 1 The Case for Equity: Historical Facts and Media Fiction
“Everybody Ought to Be Rich”
Asset Returns Since 1802
Historical Perspectives on Stocks as Investments
The Great Bull Market of 1982–2000
From Tech Bust to Financial Crisis
Optimism, Pessimism, and Psychology
Chapter 2 Asset Returns Since 1802
Financial Market Data from 1802 to the Present
Total Asset Returns
The Long-Term Returns of Bonds
Gold, the Dollar, and Inflation
Total Real Returns
Real Returns on Fixed-Income Assets
The Continuing Decline in Fixed-Income Returns
The Equity Risk Premium
Worldwide Equity and Bond Returns
Real Estate Returns
Conclusion: Stocks for the Long Run
Chapter 3 Risk, Return, and Portfolio Allocation: Why Stocks Are Less Risky Than Bonds in the Long Run
Measuring Risk and Return
Risk and Holding Period
Standard Measures of Risk
Volatility Measured from Historical Data
Correlation Between Stock and Bond Returns
Risk-Return Trade-Offs
Stock-Bond Allocation
Conclusion
Chapter 4 Global Investing: Disappointment and Promise
The Japanese Market Bubble
Emerging Markets Bubble
The World of Equities 2021
International Stock Returns
Diversification in World Markets
Conclusion
Part II Stock Returns: Measurement and Valuation
Chapter 5 Stock Indexes: Proxies for the Market
Market Averages
The Dow Jones Averages
Value-Weighted Indexes
Return Biases in Stock Indexes
Why the Average Stock Is a Loser While the Stock Market Is a Winner
Appendix: What Happened to the 1896 Original 12 Dow Industrials?
Chapter 6 The S&P 500 Index: More Than One-Half Century of US Corporate History
Sector Rotation in the S&P 500 Index
Top-Performing Firms
Top-Performing Survivor Firms
What Happened to “Top Dogs” of the Market?
Conclusion
Chapter 7 Sources of Shareholder Value: Earnings and Dividends
Discounted Cash Flows
Sources of Shareholder Value
Historical Trends in Earnings and Dividends
Earnings Concepts
Conclusion
Chapter 8 Interest Rates and Stock Prices
Real Interest Rates and Stocks
Determinants of Real Interest Rates
Interest Rates and Stock Prices
Conclusion
Chapter 9 Inflation and Stock Prices
Money and Prices
Stocks as Hedges Against Inflation
Nonneutral Inflation
Taxes
Conclusion
Chapter 10 Yardsticks to Value the Stock Market
An “Evil Omen” Returns
Yardsticks for Valuing the Market
What Is the Right Valuation of the Market?
Conclusion
Part III Market Efficiency and Value Versus Growth
Chapter 11 Which Stocks for the Long Run?
Which Stock?
Which Country?
GOAT: Greatest of All Time
Other “Near-Death Experiences” That Turned to Gold
Conclusion
Chapter 12 Is Value Investing Dead?
Value Investing
Underperformance of Value Stocks
The Future of Value Versus Growth
Conclusion
Chapter 13 Market Efficiency or Noisy Markets?
The Efficient Market Hypothesis
The Noisy Market Hypothesis
Deviations from Market Efficiency
Irrationality Versus Liquidity
Restrictions on Short-Selling
The Market Portfolio
Intertemporal Risks
Skewed Response to Gains and Losses
Conclusion
Chapter 14 The “Factor Zoo”: Size, Value, Momentum, and More
Major Market Factors
Longer-Run View of Size, Valuation, and Momentum Factors
Size Factor
Momentum
Investment and Share Issuance
Profitability
Other Quality of Earnings Factors
Low Volatility Investing
Liquidity Investing
International Factor Investing
Conclusion
Part IV Styles, Trends, and The Calendar
Chapter 15 ESG Investing
Profits Versus Value
ESG Investing
Corporate Earnings and ESG Rating
Valuation Enhancement and ESG Status
Future Returns for ESG Stocks
ESG and Portfolio Selection
Past Is Not Always Prologue
ESG as Climate Risk Hedges
Reflections on the Friedman Doctrine
Conclusion
Chapter 16 Technical Analysis and Investing with the Trend
The Nature of Technical Analysis
Fundamentals of Technical Analysis
Charles Dow, Technical Analyst
The Randomness of Stock Prices
Simulations of Random Stock Prices
Trending Markets and Price Reversals
Moving Averages
Testing the Dow Jones Moving-Average Strategy
The Dow Industrials and the 200-Day Moving Average
Avoiding Major Bear Markets
Distribution of Annual Returns
Conclusion
Chapter 17 Calendar Anomalies
Seasonal Anomalies
The January Effect
Monthly Returns
The September Effect
Other Seasonal Returns
Day-of-the-Week Effects
Conclusion: What’s an Investor to Do?
Part V The Economic Environment for Stocks
Chapter 18 Money, Gold, Bitcoin, and the Fed
History of the Gold Standard
Postdevaluation Monetary Policy
Post-Gold Monetary Policy
The Federal Reserve and Money Creation
Stock Prices and Central Bank Policy
Bitcoin: The New Money?
Characteristics of Money
Conclusion
Chapter 19 Stocks and the Business Cycle
Stock Retuns and the Business Cycle
Who Calls the Business Cycle?
Stock Returns Around Business Cycle Turning Points
Gains Through Timing the Business Cycle
How Hard Is It to Predict the Business Cycle?
Has the Business Cycle Been Conquered?
Conclusion
Chapter 20 When World Events Impact Financial Markets
Largest Market Moves
Big Moves and News Events
Uncertainty and the Market
Democrats and Republicans
Stocks and War
Markets During the World Wars
Post-1945 Conflicts
Conclusion
Chapter 21 Stocks, Bonds, and the Flow of Economic Data
Economic Data and the Market
Principles of Market Reaction
Information Content of Data Releases
Economic Growth and Stock Prices
The Employment Report
The Cycle of Announcements
Inflation Reports
Impact on Financial Markets
Central Bank Policy
Conclusion
Part VI Market Crises and Stock Volatility
Chapter 22 Market Volatility
The Stock Market Crash of October 1987
The Causes of the October 1987 Crash
Circuit Breakers
Flash Crash, May 6, 2010
The Nature of Market Volatility
Historical Trends of Stock Volatility
The Volatility Index
The Distribution of Large Daily Changes
The Economics of Market Volatility
Conclusion
Chapter 23 The Great Financial Crisis of 2008–2009
The Week That Rocked World Markets
Could the Great Depression Happen Again?
Rumblings of Financial Crisis
The Great Moderation
Subprime Mortgages
The Crucial Rating Mistake
Regulatory Failure
Overleverage by Financial Institutions in Risky Assets
The Role of the Federal Reserve in Mitigating the Crisis
The Lender of Last Resort Springs to Action
Should Lehman Brothers Have Been Saved?
Economic and Financial Impact of Great Financial Crisis
Conclusion: Reflections on the Crisis
Chapter 24 Covid-19 Pandemic
Perception Versus Reality
Central Bank Monetary Expansion
Alternative Financing of the Fiscal Stimulus
Missed Forecasts and Understated Inflation
Effect of Inflation on Stocks and Bonds
Stock Valuations During and After the Pandemic
Commodity Prices
Real Estate Prices
Permanent Changes in the Economy
Conclusion
Part VII Building Wealth Through Stocks
Chapter 25 How Psychology Can Thwart Investment Goals
The Technology Bubble, 1999–2001
Behavioral Finance
Chapter 26 Exchange-Traded Funds, Stock Index Futures, and Options
Exchange-Traded Funds
Stock Index Futures
Early Dominance of Futures Markets
Basics of the Futures Markets
Index Arbitrage
Predicting the New York Open with Futures Trading
Double and Triple Witching
Margin and Leverage
Tax Advantages of ETFs and Futures
Comparison of ETFs, Futures, and Indexed Mutual Funds
Index Options
Buying Index Options
Selling Index Options
Conclusion: The Importance of Indexed Products
Chapter 27 Fund Performance, Indexing, and Investor Returns
The Performance of Equity Mutual Funds
Finding Skilled Money Managers
Reasons for Underperformance of Managed Money
A Little Learning Is a Dangerous Thing
Profiting from Informed Trading
How Costs Affect Returns
The Increased Popularity of Passive Investing
Downsides of the S&P 500 Index
Fundamentally Weighted Versus Capitalization-Weighted Indexation
The History of Fundamentally Weighted Indexation
Conclusion
Chapter 28 Structuring a Portfolio for Long-Term Growth
Practical Aspects of Investing
Guides to Successful Investing
Implementing the Plan and the Role of an Investment Advisor
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