Many of the same organizations who provided me with data for the first edition of Stocks for the Long Run willingly updated their data for this second edition. I include Lipper Analytical Services and the Vanguard Group for their mutual funds data, Morgan Stanley for their Capital Market indexes, Smithers & Co. for their market value data and Bloomberg Financial for their graphic representations. On a professional level, I have benefited, as I did with the first edition, from correspondence and discussion with Professor Paul Samuelson of MIT, my former thesis advisor, about the equity risk premium and the degree and implications. | Second Edition Stocks For The Long Run The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies Jeremy J. Siegel Professor of Finance the Wharton School of the University of Pennsylvania McGraw-Hill New York San Francisco Washington . Auckland Bogotá Caracas Lisbon London Madrid Mexico City Milan Montreal New Delhi San Juan Singapore Sydney Tokyo Toronto I Library of Congress Cataloging-in-Publication Data Author Siegel Jeremy J. Title Stocks for the long run Jeremy J. Siegel. Edition 2nd ed. Published New York McGraw-Hill 1998. Description p. cm LC Call No. HG4661 .S53 1998 ISBN 007058043X Notes Includes index. Subjects Stocks. Stocks History. Rate of return. Control No. 98005103 Copyright 1998 1994 by Jeremy J. Siegel. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976 no part of this publication may be reproduced or distributed in any form or by any means or stored in a data base or retrieval system without the prior written permission of the publisher. 7 8 9 0 DOC DOC 9 0 3 2 1 0 9 ISBN 0-07-058043-X HC The sponsoring editor for this book was Jeffrey Krames the editing supervisor was Kellie Hagen and the production supervisor was Suzanne W. B. Rapcavage. It was set in Palatino by Jan Fisher through the services of Barry E. Brown Broker Editing Design and Production . Printed and bound by R. R. Donnelley Sons Company. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that neither the author nor the publisher is engaged in rendering legal accounting or other professional service. If legal advice or other expert assistance is required the services of a competent professional person should be sought. From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers. McGraw-Hill books are available
