--- title: "11 Customer Quotes By Jeremy J. Siegel" description: "11 Customer quotes by Jeremy J. Siegel. Plus more from Jeremy J. Siegel and more Customer sayings from other authors." image: "https://sms4smile.com/quotes/i/4c3/jeremy-j-siegel-23115_investing_as-a-result-proportional-movements-of-hi_2209497.jpg" --- > [“As a result, proportional movements of high-priced stocks in the Dow averages have a much greater impact than movements of lower-priced stocks,…](https://sms4smile.com/quotes/jeremy-j-siegel/as-a-result-proportional-movements-of-high-priced-stocks-in-the-dow/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) [Image](https://sms4smile.com/quotes/i/4c3/jeremy-j-siegel-23115_investing_as-a-result-proportional-movements-of-hi_2209497.jpg) > [“In the short run, however, stock returns are very volatile, driven by changes in earnings, interest rates, risk, and uncertainty, as well…](https://sms4smile.com/quotes/jeremy-j-siegel/in-the-short-run-however-stock-returns-are-very-volatile-driven-by/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) [Image](https://sms4smile.com/quotes/i/6a1/jeremy-j-siegel-23115_customer_in-the-short-run-however-stock-returns-a_2620101.jpg) > [“Over the 210 years I have examined stock returns, the real return on a broadly diversified portfolio of stocks has averaged 6.6…](https://sms4smile.com/quotes/jeremy-j-siegel/over-the-210-years-i-have-examined-stock-returns-the-real-return-on-a/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) [Image](https://sms4smile.com/quotes/i/25e/jeremy-j-siegel-23115_customer_over-the-210-years-i-have-examined-stock_2634828.jpg) > [“The S&P 500 Index originally contained exactly 425 industrial, 25 rail, and 50 utility firms, but these groupings were abandoned in 1988…](https://sms4smile.com/quotes/jeremy-j-siegel/the-s-p-500-index-originally-contained-exactly-425-industrial-25-rail/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) [Image](https://sms4smile.com/quotes/i/1c5/jeremy-j-siegel-23115_customer_the-s-p-500-index-originally-contained-e_721286.jpg) > [“As we explore later in this chapter, virtually no asset, except for long-term U.S. Treasury bonds, served as an effective hedge against…](https://sms4smile.com/quotes/jeremy-j-siegel/as-we-explore-later-in-this-chapter-virtually-no-asset-except-for/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) [Image](https://sms4smile.com/quotes/i/8c0/jeremy-j-siegel-23115_customer_as-we-explore-later-in-this-chapter-virt_3002031.jpg) > [“would take only $1.33 million invested in the stock market in 1802 to grow, with dividends reinvested, to about $18 trillion, the…](https://sms4smile.com/quotes/jeremy-j-siegel/would-take-only-1-33-million-invested-in-the-stock-market-in-1802-to/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) [Image](https://sms4smile.com/quotes/i/e3e/jeremy-j-siegel-23115_customer_would-take-only-1-33-million-invested-in_2624391.jpg) > [“It took just over 15 years to recover the money invested at the 1929 peak, following a crash far worse than Smith…](https://sms4smile.com/quotes/jeremy-j-siegel/it-took-just-over-15-years-to-recover-the-money-invested-at-the-1929/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) [Image](https://sms4smile.com/quotes/i/e9e/jeremy-j-siegel-23115_financial-crisis_it-took-just-over-15-years-to-recover-th_851224.jpg) > [“There is no question that the losing IPOs far outnumber the winners. Of the 8,606 firms examined, the returns on 6,796 of…](https://sms4smile.com/quotes/jeremy-j-siegel/there-is-no-question-that-the-losing-ipos-far-outnumber-the-winners/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) [Image](https://sms4smile.com/quotes/i/e16/jeremy-j-siegel-23115_investing_there-is-no-question-that-the-losing-ipo_1916073.jpg) > [“At the end of 2012, the yield on nominal bonds was about 2 percent. The only way that bonds could generate a…](https://sms4smile.com/quotes/jeremy-j-siegel/at-the-end-of-2012-the-yield-on-nominal-bonds-was-about-2-percent-the/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) [Image](https://sms4smile.com/quotes/i/3ab/jeremy-j-siegel-23115_customer_at-the-end-of-2012-the-yield-on-nominal_236849.jpg) > [“The financial crisis of 2008 is illustrated by the following analogy. There is no doubt that the improvements in engineering have made…](https://sms4smile.com/quotes/jeremy-j-siegel/the-financial-crisis-of-2008-is-illustrated-by-the-following-analogy/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) [Image](https://sms4smile.com/quotes/i/e64/jeremy-j-siegel-23115_financial-crisis_the-financial-crisis-of-2008-is-illustra_2249609.jpg) > [“would the Volcker amendment, had it been law in 2007, have prevented the 2008 financial crisis? The financial crisis was caused by…](https://sms4smile.com/quotes/jeremy-j-siegel/would-the-volcker-amendment-had-it-been-law-in-2007-have-prevented/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) [Image](https://sms4smile.com/quotes/i/fe8/jeremy-j-siegel-23115_financial-crisis_would-the-volcker-amendment-had-it-been_1717702.jpg) ## Other authors on Customer - [Warren Buffett 240 quotes](https://sms4smile.com/quotes/about/customer/warren-buffett/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b005/author-benjamin-graham-17141.jpg) Benjamin Graham 141 quotes ](https://sms4smile.com/quotes/about/customer/benjamin-graham/) - [Greg Thain 138 quotes](https://sms4smile.com/quotes/about/customer/greg-thain/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b022/author-seth-klarman-84134.jpg) Seth Klarman 120 quotes ](https://sms4smile.com/quotes/about/customer/seth-klarman/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b006/author-charlie-munger-22764.jpg) Charlie Munger 119 quotes ](https://sms4smile.com/quotes/about/customer/charlie-munger/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b005/author-ben-bernanke-16920.jpg) Ben Bernanke 95 quotes ](https://sms4smile.com/quotes/about/customer/ben-bernanke/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b019/author-peter-lynch-74937.jpg) Peter Lynch 77 quotes ](https://sms4smile.com/quotes/about/customer/peter-lynch/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b017/author-michael-lewis-67263.jpg) Michael Lewis 72 quotes ](https://sms4smile.com/quotes/about/customer/michael-lewis/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b013/author-john-c-bogle-51066.jpg) John C. Bogle 70 quotes ](https://sms4smile.com/quotes/about/customer/john-c-bogle/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b020/author-richard-branson-78442.jpg) Richard Branson 66 quotes ](https://sms4smile.com/quotes/about/customer/richard-branson/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b020/author-robert-kiyosaki-79933.jpg) Robert Kiyosaki 62 quotes ](https://sms4smile.com/quotes/about/customer/robert-kiyosaki/) - [Sam Altman 55 quotes](https://sms4smile.com/quotes/about/customer/sam-altman/) ## More by Jeremy J. Siegel > [“By the end of 2012, the price of gold reached $1,675 per ounce, and $1 of gold bullion purchased in 1802 was worth $86.40…](https://sms4smile.com/quotes/jeremy-j-siegel/by-the-end-of-2012-the-price-of-gold-reached-1-675-per-ounce-and-1-of/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“At the end of 2012, the yield on nominal bonds was about 2 percent. The only way that bonds could generate a 7.8 percent…](https://sms4smile.com/quotes/jeremy-j-siegel/at-the-end-of-2012-the-yield-on-nominal-bonds-was-about-2-percent-the/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“The S&P 500 Index originally contained exactly 425 industrial, 25 rail, and 50 utility firms, but these groupings were abandoned in 1988 in order…](https://sms4smile.com/quotes/jeremy-j-siegel/the-s-p-500-index-originally-contained-exactly-425-industrial-25-rail/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“Africa remains a small part of the world economy until 2070, when it begins to expand rapidly, reaching 14 percent, the same size as…](https://sms4smile.com/quotes/jeremy-j-siegel/africa-remains-a-small-part-of-the-world-economy-until-2070-when-it/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“It took just over 15 years to recover the money invested at the 1929 peak, following a crash far worse than Smith had ever…](https://sms4smile.com/quotes/jeremy-j-siegel/it-took-just-over-15-years-to-recover-the-money-invested-at-the-1929/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“CVS Corporation, which in 1957 entered the S&P 500 Index as Melville Shoe Corp.,”](https://sms4smile.com/quotes/jeremy-j-siegel/cvs-corporation-which-in-1957-entered-the-s-p-500-index-as-melville/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“China will be the world’s largest economy when its per capita income reaches 25 percent of that of the United States, which is forecast…](https://sms4smile.com/quotes/jeremy-j-siegel/china-will-be-the-world-s-largest-economy-when-its-per-capita-income/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“There is a good reason why stocks are not reacting to Fed policy as they have in the past. Investors have become so geared…](https://sms4smile.com/quotes/jeremy-j-siegel/there-is-a-good-reason-why-stocks-are-not-reacting-to-fed-policy-as/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“The first actively traded U.S. stocks, floated in 1791, were issued by two banks: the Bank of New York and the Bank of the…](https://sms4smile.com/quotes/jeremy-j-siegel/the-first-actively-traded-u-s-stocks-floated-in-1791-were-issued-by/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“In 2006 the United Nations Human Development Report estimated that 2.6 billion people, or 40 percent of the world’s population, had no indoor plumbing.”](https://sms4smile.com/quotes/jeremy-j-siegel/in-2006-the-united-nations-human-development-report-estimated-that-2/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“would the Volcker amendment, had it been law in 2007, have prevented the 2008 financial crisis? The financial crisis was caused by the overleveraging…](https://sms4smile.com/quotes/jeremy-j-siegel/would-the-volcker-amendment-had-it-been-law-in-2007-have-prevented/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“There is no question that the losing IPOs far outnumber the winners. Of the 8,606 firms examined, the returns on 6,796 of these firms,…](https://sms4smile.com/quotes/jeremy-j-siegel/there-is-no-question-that-the-losing-ipos-far-outnumber-the-winners/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“the economy of China will become twice the size of the U.S. economy in 2025 if both countries’ per capita income continues to grow…](https://sms4smile.com/quotes/jeremy-j-siegel/the-economy-of-china-will-become-twice-the-size-of-the-u-s-economy-in/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“The government can put dividends on the same tax basis as capital gains if the tax authorities allow investors to obtain a tax deferral…](https://sms4smile.com/quotes/jeremy-j-siegel/the-government-can-put-dividends-on-the-same-tax-basis-as-capital/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) > [“As a result, proportional movements of high-priced stocks in the Dow averages have a much greater impact than movements of lower-priced stocks, regardless of…](https://sms4smile.com/quotes/jeremy-j-siegel/as-a-result-proportional-movements-of-high-priced-stocks-in-the-dow/) [Jeremy J. Siegel](https://sms4smile.com/quotes/author/jeremy-j-siegel/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/customer/jeremy-j-siegel/#itemlist", "name": "11 Customer Quotes By Jeremy J. 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Siegel" }, "url": "https://sms4smile.com/quotes/jeremy-j-siegel/as-we-explore-later-in-this-chapter-virtually-no-asset-except-for/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/8c0/jeremy-j-siegel-23115_customer_as-we-explore-later-in-this-chapter-virt_3002031.jpg", "contentUrl": "https://sms4smile.com/quotes/i/8c0/jeremy-j-siegel-23115_customer_as-we-explore-later-in-this-chapter-virt_3002031.jpg", "url": "https://sms4smile.com/quotes/i/8c0/jeremy-j-siegel-23115_customer_as-we-explore-later-in-this-chapter-virt_3002031.jpg", "width": 1080, "height": 1080, "caption": "“As we explore later in this chapter, virtually no asset, except for long-term U.S. Treasury bonds, served as…” — Jeremy J. Siegel", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "“would take only $1.33 million invested in the stock market in 1802 to grow, with dividends reinvested, to about $18 trillion, the total value of U.S. stocks, by the end of 2012. The sum of $1.33 million in 1802 is equivalent to roughly $25 million in today’s purchasing power, an amount far less than the value of the stock market at that time.”", "creator": { "@type": "Person", "name": "Jeremy J. Siegel" }, "url": "https://sms4smile.com/quotes/jeremy-j-siegel/would-take-only-1-33-million-invested-in-the-stock-market-in-1802-to/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e3e/jeremy-j-siegel-23115_customer_would-take-only-1-33-million-invested-in_2624391.jpg", "contentUrl": "https://sms4smile.com/quotes/i/e3e/jeremy-j-siegel-23115_customer_would-take-only-1-33-million-invested-in_2624391.jpg", "url": "https://sms4smile.com/quotes/i/e3e/jeremy-j-siegel-23115_customer_would-take-only-1-33-million-invested-in_2624391.jpg", "width": 1080, "height": 1080, "caption": "“would take only $1.33 million invested in the stock market in 1802 to grow, with dividends reinvested, to…” — Jeremy J. Siegel", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "“It took just over 15 years to recover the money invested at the 1929 peak, following a crash far worse than Smith had ever examined. And since World War II, the recovery period for stocks has been even better. Even including the recent financial crisis, which saw the worst bear market since the 1930s, the longest it has ever taken an investor to recover an original investment in the stock market (including reinvested dividends) was the five-year, eight-month period from August 2000 through April 2006.”", "creator": { "@type": "Person", "name": "Jeremy J. Siegel" }, "url": "https://sms4smile.com/quotes/jeremy-j-siegel/it-took-just-over-15-years-to-recover-the-money-invested-at-the-1929/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e9e/jeremy-j-siegel-23115_financial-crisis_it-took-just-over-15-years-to-recover-th_851224.jpg", "contentUrl": "https://sms4smile.com/quotes/i/e9e/jeremy-j-siegel-23115_financial-crisis_it-took-just-over-15-years-to-recover-th_851224.jpg", "url": "https://sms4smile.com/quotes/i/e9e/jeremy-j-siegel-23115_financial-crisis_it-took-just-over-15-years-to-recover-th_851224.jpg", "width": 1080, "height": 1080, "caption": "“It took just over 15 years to recover the money invested at the 1929 peak, following a crash far worse than…” — Jeremy J. Siegel", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "“There is no question that the losing IPOs far outnumber the winners. Of the 8,606 firms examined, the returns on 6,796 of these firms, or 79 percent, have subsequently underperformed the returns on a representative small stock index, and almost half the firms have underper-formed by more than 10 percent per year.”", "creator": { "@type": "Person", "name": "Jeremy J. Siegel" }, "url": "https://sms4smile.com/quotes/jeremy-j-siegel/there-is-no-question-that-the-losing-ipos-far-outnumber-the-winners/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e16/jeremy-j-siegel-23115_investing_there-is-no-question-that-the-losing-ipo_1916073.jpg", "contentUrl": "https://sms4smile.com/quotes/i/e16/jeremy-j-siegel-23115_investing_there-is-no-question-that-the-losing-ipo_1916073.jpg", "url": "https://sms4smile.com/quotes/i/e16/jeremy-j-siegel-23115_investing_there-is-no-question-that-the-losing-ipo_1916073.jpg", "width": 1080, "height": 1080, "caption": "“There is no question that the losing IPOs far outnumber the winners. Of the 8,606 firms examined, the…” — Jeremy J. Siegel", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "“At the end of 2012, the yield on nominal bonds was about 2 percent. The only way that bonds could generate a 7.8 percent real return is if the consumer price index fell by nearly 6 percent per year over the next 30 years. Yet a deflation of this magnitude has never been sustained by any country in world history.”", "creator": { "@type": "Person", "name": "Jeremy J. Siegel" }, "url": "https://sms4smile.com/quotes/jeremy-j-siegel/at-the-end-of-2012-the-yield-on-nominal-bonds-was-about-2-percent-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/3ab/jeremy-j-siegel-23115_customer_at-the-end-of-2012-the-yield-on-nominal_236849.jpg", "contentUrl": "https://sms4smile.com/quotes/i/3ab/jeremy-j-siegel-23115_customer_at-the-end-of-2012-the-yield-on-nominal_236849.jpg", "url": "https://sms4smile.com/quotes/i/3ab/jeremy-j-siegel-23115_customer_at-the-end-of-2012-the-yield-on-nominal_236849.jpg", "width": 1080, "height": 1080, "caption": "“At the end of 2012, the yield on nominal bonds was about 2 percent. The only way that bonds could generate a…” — Jeremy J. Siegel", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "“The financial crisis of 2008 is illustrated by the following analogy. There is no doubt that the improvements in engineering have made the passenger car safer than it was 50 years ago. But that does not mean that the automobile is safe at any speed. A small bump on the road can flip the most advanced passenger car speeding 120 mph today just as surely as an older model traveling 80 mph. During the Great Moderation, risks were indeed lower, and financial firms rationally leveraged their balance sheets in response. But their leverage became too great, and all that was needed was an unexpected increase in the default rate on subprime mortgages—that “bump on the road”—to catapult the economy into a crisis.”", "creator": { "@type": "Person", "name": "Jeremy J. Siegel" }, "url": "https://sms4smile.com/quotes/jeremy-j-siegel/the-financial-crisis-of-2008-is-illustrated-by-the-following-analogy/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e64/jeremy-j-siegel-23115_financial-crisis_the-financial-crisis-of-2008-is-illustra_2249609.jpg", "contentUrl": "https://sms4smile.com/quotes/i/e64/jeremy-j-siegel-23115_financial-crisis_the-financial-crisis-of-2008-is-illustra_2249609.jpg", "url": "https://sms4smile.com/quotes/i/e64/jeremy-j-siegel-23115_financial-crisis_the-financial-crisis-of-2008-is-illustra_2249609.jpg", "width": 1080, "height": 1080, "caption": "“The financial crisis of 2008 is illustrated by the following analogy. There is no doubt that the…” — Jeremy J. Siegel", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "“would the Volcker amendment, had it been law in 2007, have prevented the 2008 financial crisis? The financial crisis was caused by the overleveraging of real estate-related securities in Bear Stearns and Lehman Brothers, which were investment banks and would not have fallen under the purview of the Volcker amendment. Nor would it have applied to the insurance giant AIG, which the Fed chose to save after seeing the turmoil unleashed by the Lehman bankruptcy. Furthermore, banks that obtained loans from the Fed, specifically Citibank and Bank of America, ran into trouble because of bad real estate loans, not proprietary trading. Given this history, it is dubious that the Volcker amendment, had it been in effect in 2007, would have changed the course of the financial crisis.”", "creator": { "@type": "Person", "name": "Jeremy J. Siegel" }, "url": "https://sms4smile.com/quotes/jeremy-j-siegel/would-the-volcker-amendment-had-it-been-law-in-2007-have-prevented/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/fe8/jeremy-j-siegel-23115_financial-crisis_would-the-volcker-amendment-had-it-been_1717702.jpg", "contentUrl": "https://sms4smile.com/quotes/i/fe8/jeremy-j-siegel-23115_financial-crisis_would-the-volcker-amendment-had-it-been_1717702.jpg", "url": "https://sms4smile.com/quotes/i/fe8/jeremy-j-siegel-23115_financial-crisis_would-the-volcker-amendment-had-it-been_1717702.jpg", "width": 1080, "height": 1080, "caption": "“would the Volcker amendment, had it been law in 2007, have prevented the 2008 financial crisis? The…” — Jeremy J. 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