In this timely and practical audiobook, this key idea is placed into the context of such issues as the aging crisis and the shift in global economic power to the emerging markets of China and India.
©2005 Jeremy J. Siegel; (P)2005 Books on Tape, Inc.
Great book about investing that turns many commonly held beliefs on their heads. Will help you take take a different look about the market and the global economy.
Siegel takes the reader on an historical tour of the stock market, from the 1950's onward, to examine historical trends, bubbles, dips, and investment strategies in general. Through examples taken from the past, the author lays out a good argument in favor of value strategies over growth strategies, particularly in the chapter on "The Growth Trap." Investors who favor growth strategies may disagree, but Siegel does have history on his side as he applies strategies to equities in the past to project what their results would be today.
In the second half, the author looks into the future to describe several possible scenarios that could occur if the Baby Boomers, as they hit retirement, try to sell their porfolios. To the troubling question of, "To whom will they sell, if there are more retirees than workers -- and hence more sellers than buyers?" Siegel gives some possible solutions as he considers the market globally instead of just within the U.S. However, his "global solution" relies on workers and stock buyers oversees, and raises a spectre that the author does not discuss: what is left for the American worker if jobs must rapidly move overseas to make the "global solution" work?
Great rock solid fundamentals for any investor at any level. Doesn't give investment advice, but more of market statistics and trends. Interesting and insightful.
I found the book helpful. It agreed with my investment style of longer term investing rather than quick turn-arounds. Well worth listening to the "value" vs "growth" side of investing.
Repetitive, obvious, and tiresome. I must confess that I didn't have the patience to survive past Chapter 5, although the first half can be summarized as 1) You need to include dividend yields when determining investor returns and 2) The valuation or PE level that you buy in at will dictate your ultimate return. The analysis was heavily weighted around Company's that existed in 1957 (the start of the S&P500 (which I fear subject the conclusions to some survivor bias). Perhaps the second half is better, but I am unlikely find out. This was my worst Audible investment to date.
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