I've been an equity investor for almost 40 years now. And if there's one thing I know, it's that owning stocks in a bear market is never an enjoyable experience. And neither is buying them. Yet that's been the smart thing to do during every bear market in your lifetime. That's true even if you're a great-grandparent. If you doubt it, take a deep dive into Jeremy Siegel's investment classic Stocks for the Long Run. When the book first came out in 1994, it caused a sensation. Not because Siegel provided overwhelming evidence that a diversified portfolio of U.S. stocks has always delivered the highest long-term returns. No other asset class - not bonds, bills, real estate or precious metals - generated returns that are even close. However, this was already common knowledge among students of the market. The real bombshell was the following statement, based on a thorough examination of two centuries of financial data... |
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