“7heFutureforInvestorsbyJeremySiegelKevinkranzlerLisaLajeunesseRayNgJohnschmidt今日新開176微變最新神蛇萬劫迷失傳“7heFutureforInvestorsbyJeremySiegelKevinkranzlerLisaLajeunesseRayNgJohnschmidtAgendaWhoisJeremySiegel?art1:“TheGrowthTrapPart2:"OvervaluingtheVeryNewPart3:"SourcesofShareholderValuePart4:“TheAgeWavePart5:PortfolioStrategiesOverallBookReviewJeremySeigel,Ph.DProfessoroffinanceattheWhartonchooloftheUniversityofPennsylvaniaReceivedmanyawardsoverhiscareerTheSeniorInvestmentStrategyAdvisorofWisdomTreeInvestmentsInc“7heFuturefor今日新開176微變最新神蛇萬1AgendaWhoisJeremySiegel?art1:“TheGrowthTrapPart2:"OvervaluingtheVeryNewPart3:"SourcesofShareholderValuePart4:“TheAgeWavePart5:PortfolioStrategiesOverallBookReviewAgenda2JeremySeigel,Ph.DProfessoroffinanceattheWhartonchooloftheUniversityofPennsylvaniaReceivedmanyawardsoverhiscareerTheSeniorInvestmentStrategyAdvisorofWisdomTreeInvestmentsIncJeremySeigel,Ph.D3Part1“TheGrowthTrapPart14TheGrowthTrapEveryonewantsto'beatthemarket&investinthenextbigthingHowever,asSiegelpointsout,pursuingreturnsthroughgrowthcontinuallydisappointsinvestorsTheGrowthTrap5ExampleTable1.1:AnnualGrowthRates,1950-2003GrowthMeasuresIBMStandardOilofNUAdvantageRevenuePerShare804%BMDiMdendsPerShare9.19%7.11%BMEaningsPerShare10.94%BMSectorGrowth14.65%IBMExample6Whatactuallyhappened?IBM:$1000initialinvestmentbecame$961,000StandardOilofNJ:$1000initialinvestmentbecame$1,260,000Whatactuallyhappened?7Howisthispossible?Table1.3:SourceofReturnsofIBMandStandardoilofNjStandardOilofNJ.1950-2003ReturnMeasuresIBMStandardOilAdvantageofNJPriceAppreciation11.41%8.77%IBMDividendRetun2.18%5.19%StandardOilOfNuTotalReturn13.83%14.42%StandardoilOfnjHowisthispossible?8WhatmattersLong-termreturnsonstockdependsnotontheactualgrowthofitsearningsbutonhowthoseearningscomparetowhatinvestorsexpected!Whatmatters9LookingfortheCorporateElDoradoTheGoldencompanythatcontinuallyperformsbetterthanthemarketsSiegelcomputedthep/Eratioforall500firmsontheS&PandcomputedtheirpricesLookingfortheCorporateEl10今日新開176微變最新神蛇萬劫迷失傳課件11今日新開176微變最新神蛇萬劫迷失傳課件12今日新開176微變最新神蛇萬劫迷失傳課件13今日新開176微變最新神蛇萬劫迷失傳課件14今日新開176微變最新神蛇萬劫迷失傳課件15今日新開176微變最新神蛇萬劫迷失傳課件16今日新開176微變最新神蛇萬劫迷失傳課件17今日新開176微變最新神蛇萬劫迷失傳課件18今日新開176微變最新神蛇萬劫迷失傳課件19今日新開176微變最新神蛇萬劫迷失傳課件20今日新開176微變最新神蛇萬劫迷失傳課件21今日新開176微變最新神蛇萬劫迷失傳課件22今日新開176微變最新神蛇萬劫迷失傳課件23今日新開176微變最新神蛇萬劫迷失傳課件24今日新開176微變最新神蛇萬劫迷失傳課件25今日新開176微變最新神蛇萬劫迷失傳課件26今日新開176微變最新神蛇萬劫迷失傳課件27今日新開176微變最新神蛇萬劫迷失傳課件28今日新開176微變最新神蛇萬劫迷失傳課件29今日新開176微變最新神蛇萬劫迷失傳課件30今日新開176微變最新神蛇萬劫迷失傳課件31今日新開176微變最新神蛇萬劫迷失傳課件32今日新開176微變最新神蛇萬劫迷失傳課件33今日新開176微變最新神蛇萬劫迷失傳課件34今日新開176微變最新神蛇萬劫迷失傳課件35今日新開176微變最新神蛇萬劫迷失傳課件36今日新開176微變最新神蛇萬劫迷失傳課件37今日新開176微變最新神蛇萬劫迷失傳課件38今日新開176微變最新神蛇萬劫迷失傳課件39今日新開176微變最新神蛇萬劫迷失傳課件40今日新開176微變最新神蛇萬劫迷失傳課件41今日新開176微變最新神蛇萬劫迷失傳課件42今日新開176微變最新神蛇萬劫迷失傳課件43今日新開176微變最新神蛇萬劫迷失傳課件44今日新開176微變最新神蛇萬劫迷失傳課件45今日新開176微變最新神蛇萬劫迷失傳課件46今日新開176微變最新神蛇萬劫迷失傳課件47今日新開176微變最新神蛇萬劫迷失傳課件48今日新開176微變最新神蛇萬劫迷失傳課件49今日新開176微變最新神蛇萬劫迷失傳課件50今日新開176微變最新神蛇萬劫迷失傳課件51今日新開176微變最新神蛇萬劫迷失傳課件52今日新開176微變最新神蛇萬劫迷失傳課件53今日新開176微變最新神蛇萬劫迷失傳課件54今日新開176微變最新神蛇萬劫迷失傳課件55今日新開176微變最新神蛇萬劫迷失傳課件56今日新開176微變最新神蛇萬劫迷失傳課件57今日新開176微變最新神蛇萬劫迷失傳課件58“7heFutureforInvestorsbyJeremySiegelKevinkranzlerLisaLajeunesseRayNgJohnschmidt今日新開176微變最新神蛇萬劫迷失傳“7heFutureforInvestorsbyJeremySiegelKevinkranzlerLisaLajeunesseRayNgJohnschmidtAgendaWhoisJeremySiegel?art1:“TheGrowthTrapPart2:"OvervaluingtheVeryNewPart3:"SourcesofShareholderValuePart4:“TheAgeWavePart5:PortfolioStrategiesOverallBookReviewJeremySeigel,Ph.DProfessoroffinanceattheWhartonchooloftheUniversityofPennsylvaniaReceivedmanyawardsoverhiscareerTheSeniorInvestmentStrategyAdvisorofWisdomTreeInvestmentsInc“7heFuturefor今日新開176微變最新神蛇萬59AgendaWhoisJeremySiegel?art1:“TheGrowthTrapPart2:"OvervaluingtheVeryNewPart3:"SourcesofShareholderValuePart4:“TheAgeWavePart5:PortfolioStrategiesOverallBookReviewAgenda60JeremySeigel,Ph.DProfessoroffinanceattheWhartonchooloftheUniversityofPennsylvaniaReceivedmanyawardsoverhiscareerTheSeniorInvestmentStrategyAdvisorofWisdomTreeInvestmentsIncJeremySeigel,Ph.D61Part1“TheGrowthTrapPart162TheGrowthTrapEveryonewantsto'beatthemarket&investinthenextbigthingHowever,asSiegelpointsout,pursuingreturnsthroughgrowthcontinuallydisappointsinvestorsTheGrowthTrap63ExampleTable1.1:AnnualGrowthRates,1950-2003GrowthMeasuresIBMStandardOilofNUAdvantageRevenuePerShare804%BMDiMdendsPerShare9.19%7.11%BMEaningsPerShare10.94%BMSectorGrowth14.65%IBMExample64Whatactuallyhappened?IBM:$1000initialinvestmentbecame$961,000StandardOilofNJ:$1000initialinvestmentbecame$1,260,000Whatactuallyhappened?65Howisthispossible?Table1.3:SourceofReturnsofIBMandStandardoilofNjStandardOilofNJ.1950-2003ReturnMeasuresIBMStandardOilAdvantageofNJPriceAppreciation11.41%8.77%IBMDividendRetun2.18%5.19%StandardOilOfNuTotalReturn13.83%14.42%StandardoilOfnjHowisthispossible?66WhatmattersLong-termreturnsonstockdependsnotontheactualgrowthofitsearningsbutonhowthoseearningscomparetowhatinvestorsexpected!Whatmatters67LookingfortheCorporateElDoradoTheGoldencompanythatcontinuallyperformsbetterthanthemarketsSiegelcomputedthep/Eratioforall500firmsontheS&PandcomputedtheirpricesLookingfortheCorporateEl68今日新開176微變最新神蛇萬劫迷失傳課件69今日新開176微變最新神蛇萬劫迷失傳課件70今日新開176微變最新神蛇萬劫迷失傳課件71今日新開176微變最新神蛇萬劫迷失傳課件72今日新開176微變最新神蛇萬劫迷失傳課件73今日新開176微變最新神蛇萬劫迷失傳課件74今日新開176微變最新神蛇萬劫迷失傳課件75今日新開176微變最新神蛇萬劫迷失傳課件76今日新開176微變最新神蛇萬劫迷失傳課件77今日新開176微變最新神蛇萬劫迷失傳課件78今日新開176微變最新神蛇萬劫迷失傳課件79今日新開176微變最新神蛇萬劫迷失傳課件80今日新開176微變最新神蛇萬劫迷失傳課件81今日新開176微變最新神蛇萬劫迷失傳課件82今日新開176微變最新神蛇萬劫迷失傳課件83今日新開176微變最新神蛇萬劫迷失傳課件84今日新開176微變最新神蛇萬劫迷失傳課件85今日新開176微變最新神蛇萬劫迷失傳課件86今日新開176微變最新神蛇萬劫迷失傳課件87今日新開