Sun Microsystems, 38, 89, 156Supply-side effects, failure ofstocks as long-term inflationhedge and, 202Support level, 294Surowiecki, James, 324nSurvivorship bias, 18, 343, 343iSweets Colgate-Palmolive. ofAmerica, 59iSwensen, David, 90Switching returns, 214–215, 215iSzilagyi, Jan, 158nTaiwan Semiconductor, 177Tax code, history of, 74–75Tax-deferred accounts, 73–74Taxes:capital gains (see Capitalgains taxes)income (see Income taxes)increasingly favorable taxfactors for equities and,72–73Technical analysis, 289–304Dow’s role in, 290–291momentum investing and,302–303moving averages and, 295–302nature of, 289–290
Index
Technical analysis (Cont.):randomness of stock pricesand, 291–292, 293i, 294trending markets and pricereversals and, 294–295Technology boom of 1999-2001,320–322Technology bubble, 167Telecommunications servicessector:in GICS, 53global shares in, 175i, 177Telefonica, 177Templeton, John, 65q, 66, 161qTennessee Coal and Iron, 47in DJIA, 39i, 49Terrorist attacks:market movements and,221–223, 222i, 226of September 11, 2001,221–223, 222iTexaco, 54–55, 56iTexas Co., 55Thaler, Richard, 17n, 303, 329,331n, 332–333, 335Thatcher Glass, 60i, 62Theoretical high/low, 296nTheory of Investment Value(Williams), 101Thomson Houston, 57Time horizons, returns and,361Time Warner, 176Titman, Sheridan, 302Tobin Q, 117–119, 118iTootsie Rolls, 64Total, 177, 184Total return, defined, 5Toyoda, Sakichi, 183Toyoda Loom Works, 183Toyota Motor Corporation, 58,176, 183Trading, informed, 349–350“Trading Is Hazardous to YourWealth” (Barber and Odean),325Treasury inflation-protectedsecurities (TIPS), 115, 361
379
Trend lines:caution regarding use topredict future returns,41–42in DJIA, 40–42, 41iTrends, technical analysis and,294–295Triple witching hour, 260–261Triumph of the Optimists: 101Years of Global InvestmentReturns (Dimson, Marsh, &Staunton), 18, 20Tuna, Irem, 108nTversky, Amos, 322–323, 328, 330Twain, Mark, 305q200-day moving-average, 295,296–297, 298i, 299–300, 299idistribution of gains andlosses and, 301–302, 301iUBS, 175Uncertainty, 226–227Underfunding, of definedbenefit plans, 106Unemployment rate, 242Unilever, 47, 177Union Carbide, 56i, 58Union Electric Co., 48Uniroyal, 49United Kingdom, end of goldstandard in, 9, 10iUnited States:annual real return in, 20employment statistics for,237–238end of gold standard in,9–10, 10i, 188–189, 192–193global market share of, 179,179i, 180igold as backing for currencyof, 193–194political parties in, marketmovements and, 227–228,228i–230i, 230sector allocation and, 175i,177uncertainty about presidentin, 226–227
U.S. Food Products Corp., 48U.S. Leather Corp., 47in DJIA, 38U.S. Leather Pfd., in DJIA, 39i, 49U.S. Rubber, 47in DJIA, 39i, 49U.S. Steel Corp., 47, 49, 56i, 57,58USX Corporation, 57USX-U.S. Steel Group, 49Utilities sector:in GICS, 53global shares in, 175i, 177Utility, 322Valuation, 144–145value versus growth stocksand, 144–145Value Line Index, 47n, 256Value stocks, 362–363growth stocks versus,144–145nature of, 157Value-weighted indexes, 42–45(See also Center for Researchin Security Prices [CRSP]index; Nasdaq Index;Standard & Poor’s [S&P]index)Valuing Wall Street (Smithersand Wright), 117Vanguard 500 Index Fund, 263nVanguard Institutional IndexFund Plus, 351nVanguard S&P 500 Index funds,351Van Strum, Kenneth S., 80nVerizon, 177Vesting, 106Viceira, Luis M., 35nVietnam War, 233bear market and, 85Virginia Carolina Chemicals,60i, 63Vishny, R., 326nVIX Index, 281–282, 282i, 334Vodafone, 177Volatility (see Market volatility)
380
Volcker, Paul, 9, 195Vuolteenaho, Tuomo, 158nWachovia Bank, 21nWages, Nixon’s freezing of,194Wall Street Journal, 38, 290Wal-Mart, 155, 176i, 177Wang, Jiang, 304nWar:market movements and, 225,231–235(See also specific wars)War on terrorism, 234Weber, Steven, 218nWein, Byron, 86
Index
Welch, Ivo, 325nWells Fargo, 351nWerner, Walter, 12n, 21nWestern Co., 63White, Weld & Co., 97Williams, Frank J., 319qWilliams, John Burr, 101Wilshire 5000 index, 342Wisdom Tree Investments, 356Withers, Hartley, 81Wm. Wrigley, 59i, 61, 64Wood, James Palysted, 237qWood, Paul C., 356Woolworth’s, 64World War I, market movementsand, 231–232
World War II:market movements and,232–233Pearl Harbor attack and,233WorldCom, 64, 234–235WPS Resources, 48Wright, Stephen, 117Wubbels, Rold, 290nYahoo!, 352–353, 352iYardeni, Ed, 218Zeckhauser, Richard, 348nZweig, Martin, 187q, 247,294
ABOUT THE AUTHORJeremy J. Siegel is the Russell E. Palmer Professor of Finance at TheWharton School of the University of Pennsylvania, the academic director of the Securities Industry Institute, and a senior investment strategy advisor to WisdomTree Investments, which creates and marketsexchange-traded funds.
Copyright © 2008, 2002, 1998, 1994 by Jeremy J. Siegel. Click here for terms of use.
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