The new paradigm for investing and building wealth in the twenty-first century. The Future for Investors reveals new strategies that take advantage of the dramatic changes and opportunities that will appear in world markets.
Jeremy Siegel, one of the world’s top investing experts, has taken a long, hard, and in-depth look at the market and the stocks that investors should acquire to build long-term wealth. His surprising finding is that the new technologies, expanding industries, and fast-growing countries that stockholders relentlessly seek in the market often lead to poor returns. In fact, growth itself can be an investment trap, luring investors into overpriced stocks and overly competitive industries.
The Future for Investors shatters conventional wisdom and provides a framework for picking stocks that will be long-term winners. While technological innovation spurs economic growth, it has not been kind to investors. Instead, companies that have marketed tried-and-true products for decades in slow-growth or even declining industries have superior returns to firms that develop “the bold and the new.” Industry sectors many regard as dinosaurs—railroads and oil companies, for example—have actually beat the market.
Professor Siegel presents these strategies within the context of the coming shift in global economic power and the demographic age wave that will sweep the United States, Europe, and Japan. Contrary to the popular belief that these economic and demographic trends doom investors to poor returns, Professor Siegel explains the True New Economy and how to take advantage of the coming surge in invention, discovery, and economic growth.
The faster the world changes, the more important it is for investors to heed the lessons of the past and find the tried-and-true companies that can help you beat the market and prosper in the years ahead.
From the Hardcover edition.
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|Title of Religion eBook: The Future for Investors|
|Release Date: 03-08-2005|
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|Publisher: Crown Publishing Group|
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The Future for Investors
Chapter One: The Growth Trap
The speculative public is incorrigible. It will buy anything, at any price, if there seems to be some “action” in progress. It will fall for any company identified with “franchising,” computers, electronics, science, technology, or what have you when the particular fashion is raging. Our readers, sensible investors all, are of course above such foolishness. —Benjamin Graham, The Intelligent Investor, 1973
The future for investors is bright. Our world today stands at the brink of the greatest burst of invention, discovery, and economic growth ever known. The pessimists, who proclaim that the retiring baby boomers will bankrupt Social Security, upend our private pension systems, and crash the financial markets, are wrong.
Fundamental demographic and economic forces are rapidly shifting the center of our global economy eastward. Soon the United States, Europe, and Japan will no longer hold center stage. By the middle of this century, the combined economies of China and India will be larger than the developed world’s.
How should you position your portfolio to take advantage of the dramatic changes and opportunities that will appear in the world markets?
To succeed in this rapidly changing environment, investors must grasp a very important and counterintuitive aspect of growth that I call the the growth trap.
The growth trap seduces investors into overpaying for the very firms and industries that drive innovation and spearhead economic expansion. This relentless pursuit of growth—through buying hot stocks, seeking exciting new technologies, or investing in the fastest-growing cou