Stocks for the Long Run

Jeremy Siegel's Stocks for the Long Run is the academic foundation for the claim that equities are the best long-term investment. Siegel, a Wharton finance professor, presents over 200 years of market data showing that stocks have consistently outperformed bonds, gold, and cash over every 20-year period in American history — even periods that included wars, depressions, and financial crises.

The book covers market valuation, sector performance, global investing, and the impact of taxes and inflation on different asset classes. Through six editions, Siegel has updated his analysis to include the dot-com crash, the 2008 financial crisis, and the COVID-19 pandemic — and the conclusion has not changed. For long-term investors willing to endure short-term volatility, stocks remain the most reliable path to wealth.