YouSaid · the spoken record

Jeremy Siegel

lines on the record: 180
first: 2015-10-18
most recent: 2015-10-18
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Biggest stock. And that'll be the biggest part of my portfolio. Yeah. So, you know, if I were in a fundamentally weighted, they would have been selling the technology because the price kept on going up relative to its fundamentals. And I would have been much better off rather than suffer through the 2002, even though I knew it was overweighted. I was kind of locked into the cap weighted.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I wish that I knew when I started out 44 years ago. I wish That I was again, I was wedded to Capoy. At the same time, I said tech was crazy, and I didn't know how to reconcile those two. Now I can do a fundamental awaiting, I can get out of a sector that I think is overweighted or overweight in a sector that I think is really cheap. Now, not dramatically. I don't think I'm the greatest timer in all that, but just looking at valuations once they get to an extreme. You may not buy at the bottom, you may not sell at the top, but I think that you can really move better than buy and hold. I think fundamental weighting is one way that does it for you by the rebalancing techniques.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Why did it move up or down? And I always try to say, can I learn enough to get a structure of thinking about the major factors that do it? So, you know, read as much as you can. Current events, take those courses that you can and definitely take a global view. The world is global now. It's not just the United States or England, it's global.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a lot of different ways to go into financing. Do what I do as academics. I just say read widely current events, try to understand structure, take course, try to fit things into a paradigm that you feel comfortable in analyzing it. That's it, building a structure at which you can think about the markets. And then when a new situation comes up, you'll have a structure to analyze it in. But the wealth of experience, start young. Actually, as I said, I was fascinated with Stock Farker when I was a kid. And not so much which stocks to buy, but the whole movements of the market up or down.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Beyond reach. It's really hard to do that though because you can't arbitrage. If you can't easily in and out to arbitrage to be a creation unit.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, so much has happened. I don't know whether I'm looking for anything. I mean, we've got ETFs and commodities right now. ETFs in the foreign markets right now. And I think ETFs are also, I should say ETFs are, I'm going to include that as one of the breakthroughs. Huge, huge innovation. So we're pretty much... Doing that, you know, whether we could actually get ETFs in real estate as.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That isn't happening. We could get some sharp movements, but I guess honestly, that comes with the territory. Communication is basically good. I don't want to restrict it in any way.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, whether we're going to get some rumor that's going to be false, that's going to panic everyone. You've seen that happen? We've seen it happen already? No. I mean, you know, back at the time, the news people would wait to verify it.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Why is Johnson Johnson nine cents? So there was 100 shares of J&G that sold at that, you know, and don't forget they unwound the crazy, real crazy ones before. But even, you know, in this recent one, so there were one or two hundred shares at crazy prices. They still got to work on that at the open. And I think they will to prevent that. We have prevented some of those big gaps since 2000. Listen, we are in an instantaneous communication world It's going to, rumors are going to start. I sometimes wonder whether, you know, with all the Facebook and the social media.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've also had ETF crash a little bit on those. One, I don't want to overstate that because people get all upset. And when we look at the number of trades at a crazy price, it's 0.0001%.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We're doing better. What they screwed up was the open. It was actually the opening. Actually, the flashcrafts of 2011, they put safeguards in these mini stops that were good. The trouble is that they weren't effective at the open. And that's why we had a mini crash at the ETF crash.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“In and out, in and out, and hid yourself with the entire market. Index, I thought that index futures, which was, I think, in the very early 80s, like 81, 82, was also a very significant development. And generally, I mean, obviously we've got the globalization of the markets, free capital movements, free exchange rates that allow very few firms have capital restrictions if they certainly want to be part of the global economy. Back then, even the United States had restrictions back in the 50s and 60s. So the freedom of the market to go globally, I think, is critical. Yeah, I think that those were things the index fund was obviously. I do think fundamental indexing is another huge breakthrough.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Schwab was actually the first. I think that that was extremely important. I also think the development of index futures Where people, you see, could take a direction on the market. Now, people like the spider Now, that came much, much later, and they do the mini maybe if they want to do on that. But there was that development was the first time that you could, without going into the index fund, which was Bobo didn't want you to trade it. You could move a bit.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We definitely, I think, is important there. I think obviously the Big Bang when commissions became competitive in the future.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I saw that. Yeah, r Or was about to come? The first chapter I give three quotes of the last quote was someone told me about this. They said, Dad, Jeremy, did you hear, you know, CNBC today? I said, no. Well, they were talking about stocks for the long run and they had a call in. The caller, that's right. A call in said, stocks for long, are you crazy? I have that book and all it is good for now is a doorstop. That's right. I put that quote in there. I do not mind making fun of myself.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah, yeah, things like that. I read I tend to go back and sometimes read articles as they were written back when. So I go back and look at the internet. What were people saying at that time? And I have some quotes on my first chapter of Stocks for the Long Run has a lot of quotes of what people were saying.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I enjoy books like Investment Biker. Oh, sure. Yeah. I mean, I enjoy Jim Rogers. Jim Rogers, and I read his books, and I've read others, and I read a lot of the historical books that has to do generally in the markets.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I, you know, I just said it looked like a centered one. Basically, I just said, you know, buy a put at 10% under the market every year for 50% of your portfolio. So you could play with that and come up. You could play with that. So it's an insurance cost. It looks like the 200-day moving average without buying it.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You got cost and drags. That's almost like the whip sawing cost. It doesn't come every year and then it comes in bunches. But it gave a, when you looked at the distribution. So what happens off the bottom?”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Marrying 1%. I'm just saying, when I looked at the distribution of annual returns on a 200-day moving average, it didn't differ so much if I just kept on buying puts protecting me against downside, but I keep on getting the drag.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So you basically, what I say is, you know what? I mean, it's something you can do, but realize there are going to be some years are going to really be whipsawed. And by the way, it's not so much difference on buying puts on the market where you do also.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You also need a ban. Don't forget the 200-day, if I picked a 1% ban when you're 1% above and below. Because if you take whenever you go above, you may go above and below 50 times in one day. If you really compute it, so you got to have a band, otherwise, you're going to go crazy.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a few of them where you're going above the average use, you know, you buy, you go below and you sell and buy and sell. And at the end of the year, you're exhausted with transactions costs that are huge.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“After transactions cost, because you're going to be going in and out and all that, and you need a band to go in and out, et cetera, and so on. It turns out on a risk return basis. It's not much different than buy and hold. The difference is though, if you follow 200 day moving averages, it does keep you out of the worst bear markets. Now you say, why doesn't it do better? Because a lot of you get whiped.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“On technical analysis. I know Well, you know, I said to myself, come on, am I going to do complete stuff on stock? I got to do a chartist. And I actually did an exhaustive test of the 200-day moving average there on the Dow Jones and on Nasdaq. And my final conclusion was...”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's it. So they're unknown. Liquidity is also there. I think Iwick would. We know that. Iwick would assets of any sort get discounted in price if you're a long-term holder. That becomes a favorable thing. You know, this whole thing now on quality and momentum. There is evidence, but, you know, more and more people are, I think more and more people are riding. They ride the train. And that's when you get sharp. Movements oftentimes, oh, they break through the 200-day moving average or they break through the channel. Everyone just gangs up on a screw.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Teslas and the tide wired into the people's brain. So I definitely, you know, I mean, I definitely understand that. The small stock premium is a little bit about liquidity and transaction costs. And one good thing DFA did is that they were able to actually, it took them a while, by the way, in their early years, they weren't successful. They learned how to become a trading.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and that's really, and I remember Buffett said, people are hardwired. They don't like boring stocks. They tend to undervalue them. They like the growth story. They want to ride them up and they write them too high. Well, it makes”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yet. And quality premium as well. Yeah, now there's quality and momentum, which I have. These are like in the last few years comparison. The value goes way back. The value premium, you know, farmer French stuff in the mid-90s or even earlier showed that value premium. That's back to Ben.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's impossible. But there is a tendency, and it really goes back to what, I mean, in a way, Buffett says, people tend to overdo the growth stocks and value stocks are not interesting. They tend to. That's why when we do 70, 80-year studies on risk return, and that was something a Fama French found, right? In their research that value stocks, which is what a fundamental weighting system would tend to overweight. Do better than grow stocks on a risk return basis when you go back over 50, 60 years.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Efficient until people get involved. Yeah, well, you know, it's still not easy to beat, let's put it that way. And that's why obviously active managers after fees don't really beat it. Over long”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Really a big impact on me. That hit me on a cat. I mean, theoretically, I hear I had to hold this capway with 40% in technology that a PE of 200. I said, I don't want to hold it, but then I break my philosophy. How can I redo it?”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, again, it was the theory, and I was pretty much saying I don't see active management beating it after fees. And so all the way until the tech bubble, the tech bubble and the work that I did when Jonathan Steinberg and Michael Steinhardt called me up about can we have a better fund, can we do a better indexing rather than get overweight, that became my So 2000?”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He said, We need someone with an index fund. And, you know, Bogo answered that question. I was one of the first people to put my money in there.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I would have to say that I was a huge straight index fan. So John Bogle, clearly. Bogle got it. I remember Samuelson, he wrote an article when I was at graduate school. Gee, all we want is an index fund. But we didn't have one. And Bogo actually responded. You go through the history.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Two days later Yeah, I think that really focuses people. Well, and the 770 point, so they got the public involved and everyone said, and it was amazing. They made a tiny little change so the Republicans could save face. And then half of them voted no, voted yes.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's it. The Republicans all got phone calls from there. Just a minute here. The people with their 401ks and all that. Just a minute here. Did you see what happened when you guys voted it down? I don't think that's good two days later overwhelmingly voted it for.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, look, The whole thing go down and say that'll settle itself out. That's what a lot of the Republicans have been, you know, when they voted against the tarpon and all that, which is the first time.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Would have said that's what you have to do Bernanke now, he wouldn't agree to 100% with absolutely everything he said yes.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, although you're a pragmatist, Rand Paul, I'm a terrible libertarian, but you're a pragmatist. I think had Milton Friedman lived.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, he enabled them, he flooded them with enough reserves, saying, I'm going to give you the facility to get all the credit you need and the liquidity. They all wanted liquidity. And he said, okay, you need a trillion dollars of liquidity? Bang, there it is. That's what QEs was. Basically, I'm giving you all the liquidity you want.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Get a safe deposit box. And some people say don't even get it in the bank. Buy a safe, get your money out, get the cash out. I mean, there was crazy talk going on.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But he went even beyond that. Right. Don't forget, we only have $1,000 actually insurance. They raised the limits. And they raised it. But even then, he said, I'm not going to, because look at businesses have to have a payroll that's more than $250,000. Sure, sure. These big men. So he made sure of that. I mean, we could go on and on and on. This thing I remember, you might remember. I know two people are saying, Jeremy.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Then the physical side, basically saving, backing up all the money market funds, backing up all the bank accounts and businesses and the demand deposits out there and all the deposits. Now, one deposit went under the way it did in the Great Depression when 20,000 banks went under.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, don't, you know, you had one stimulus in 2008. Yeah, you had, you know, he doesn't stress that to him. Again, I haven't finished everything in the book and I'm reading really carefully”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He promised to keep. He looked at Milton Freeman and said, We're not going to make that mistake. I'm not going to let this whole system go down the drink.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He looked at Milton and said, You showed us what we did wrong in the Great Depression of the 30s. And thanks to you, we will not make this mistake again. Now, this was in 2002. There was no subprime mortgages. There was no crisis coming. There was nothing. And he said, we will not make that mistake again. Now, Milton passed away two years after that in 2004. So he never lived to see it. But don't you think that when Lehman went under and all the financial markets seized up in panic? That pledge Did not come to mind in Bernanke. I've got to act. I know I'm going to get Flack for bailing out AIG, and he did. Huge. I'm going to take that. I think the title of the book, he had the courage to act. I said, I'm going to get Flack. I've got to do it”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He was one of the few defenders. I am a big defender. I think what Bernanke did, I mean, and by the way, do you know why he did what he did? And he says so in the book, he doesn't say directly, I didn't blame.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Ben Bernanke has his new book out. And I'm reading it. I brought it actually. It's in my briefcase. I'm on page 400. It just came out Monday.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, in a way, you know, I struggled. I mean, I would have learned Edo's Latino much better if I'd taken some of the Fidos courses, the pricing, the options and all that. And I struggled on my own.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source