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

“Very well. I have tremendous respect for him. We had, you know, we've had differences on the smart beta fundamental indexing, but he is definitely, man, they'll go down in the history and he should. And yeah, Barry, I think bring yourself down. It's worth, you know, it's worth getting down there. Well, he's had some unbelievable health challenges, as you know. He was born with a defective heart and had to wait like 15 years for a heart transplant.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Not hedge the way you guys are, but they have huge overheats. That's true, but that isn't as big as when they did ETFs because they were potentially gutting his baby there with the Vanguard index. Meanwhile,”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And they're going to Be watching. Again, I mean, they did ETFs and BOGO, as you know, objected furiously. He would go bananas. I don't know. He's probably an honorary member now. I don't know if he has an official position any longer.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I will be on, but let's keep these management fees low. I know this is a great thing, and I know on the basis of what we see risk and return, we could probably, you know, charge $150. And he said, no, Jeremy, I want this to be low. I want to get assets. I want to do a job for people. I want to get them over from Vanguard and from index. And I'm with you 100% on that.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very low. Yeah. Pretty inexpensive, Jack. We are very. In fact, that was one thing I told John O mean, I was, again, before the dot-com bubble, I was very much an index fan. And of course, we know Vanguard's 567 basis points. They're crazy. Yeah, I mean, but I told John O'That's what everyone called Johnno Steinberg. Yeah, Johnno is that. I said to Johnno when he wanted me on, I said, listen, Johnno.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so we at Wisdom too rebalance once a year. Again, we look at it, we look at the fundamentals and the price and we move if the fundamentals moved up, but the price didn't, we buy more of it, the fundamentals moved down, we buy less of it relative. It's all relative to the price by a formula. You know, again, no judgment. It's a formula that anyone out there can, you know, I mean, you can do this on your own. Yeah, no, but we do it at a very cheap cost. There's no reason.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We balance once a year Others do it more. We've been examining it. There's no theory that tells you how many times you're going to do it.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Zach Market Cap. That's exactly the way I would prefer it. I think active is when you have judgments and you're presented with prices going up or down. I think this has now fulfilled my price target given the potential of the company, blah, blah, blah, blah, blah. Exactly. That's what I think about as active management. The other is really what we call, what's now called smart beta in the sense is construct a base of your portfolio, but instead of using capweighted use a fundamental way to get the”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And that's it. So, now all of you agree that active management, you could call that, but that's like active management at lowest level. I really look at...”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Data on the earnings. We don't make any judgment whatsoever on whether the company is quantitative or bad. It's a quantitative factor”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The way that these fundamental weighted index, and I think it's exactly the same way with our knots as Wisdom Tree Rafi, what you do is it's on the basis of just objective”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So that means We're way And if you're a capway, you can't sell those. You got to hold them, even though you know this is crazy if you're cap weighted, you got to hold them.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, if the market is efficient. Efficient so that all the information is impounded in the price, all right? Capweight is the most important.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me just look at the market capitalization and buy relative to that. The good thing about that weighting is that if the stock goes up, you don't have to sell or buy because it's automatically re-weighted in your portfolio exactly the same as a market. That makes it extremely convenient. But secondly, If the market is efficient, we economists had proved cap weighted portfolios are the best optimal portfolios for risk return. So that gave me.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“One, it's almost a natural waiting in the sense of, all right, I'm going to buy all the stocks, but they'll go up and down on the road. Obviously, I got to buy more of a big stock than a widow”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Some loose 50 million out there. It was quite a ride. But, you know, truthfully, as I say. To me, my teaching, I mean, I never was a guy, I mean, I own one car. It's not a fancy car. I'm not a real expensive guy that has real expensive tastes. I mean, and the fact that I've become better off than I had ever imagined really gives me an opportunity to be charitable. And that's what I'm doing. And I'm very thankful for that.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The same thing happened Well, yeah, that's right. And in fact, wisdom tree, and I think at that time it was painting his wisdom tree. We changed our name from index development partners to wisdom tree, but we're talking about a 95 cent drop from nearly 10 down 95%.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I don't day trade. I never day traded this. I did not day trade. No, so, I mean, all of us went through a roller coaster. So as it started going up, I said, listen, I said, and as we said, I mean, our stocks are long run, but you have to do my will.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, all that. So let me just mention to you, because it's a member of public record, selling at four cents a share. When it was announced that, you know, Michael Steinhardt had funded, we're changing the index developer and I joined it. It closed the next day at...”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I'm on basically an advisor. I'm no longer on the board of Directors So for various reasons, I stayed there for about one year, but I'm senior investment strategy advisor. And he said, come on. And, you know, part of it was options as tech companies and all that. Index development partners was trading as the stump company from his original company. Was trading at four cents a share.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Through Wisdom Tree in his position. He's chairman of the board. So Jonathan Stiberg was CEO. You're on the board of advisor.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I know I have it somewhere. He is a fascinating guy. We become quite friendly with him. My wife and I am. Through wisdom.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He's quite a fascinating guy. And he's also written a book, by the way. I think basically a book of his life and investing. And it's also very fascinating.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Not surprisingly. Also, someone I did I knew of but did not know So, you know, it was like Jonathan, I met on a few occasions because being wife of Maria, my due class, and a few occasions, Michael, I don't even remember meeting. Of course, I knew about him.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm not greedy. Just give me 1%. Bogo and I love him. I think he's great. We've had a little difference. He said, Jeremy, I'm not happy you went under the fundamental root. It didn't stay. You know that. I mean, you've had him as I said.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Hughes Fault. Huge flaws. I mean, you know, here I had, you know, I mean, let's face it, I was in the first two or three editions, the stocks for a long one, I was a huge vanguard fan”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“This beats Cap waiting on a risk return basis. We reported back to them and they said, you know, that's what we were finding, but you obviously have all the statistical techniques on that. He said, well, I'm going to tell you a little bit where we're going. We got Michael Steinhardt to fund a company called Index Development Partners We're going thinking of launching a set of ETFs based on fundamental indexing. Would you like to be an advisor? And actually started me out. I was also a board member On that. And I said, Yes. I said, I really after the dot-com crash, I said, Cap waited has flaws.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“What should I mean? Oh, you're muddy. I'm teasing, but you can't have $50 million in one stock. You don't want 95% of your net worth in one stock. So I'm diversified out. I still have a way overweight in that stock. And I'll go through this. So he said, Jeremy, would you check this? We've got some preliminary data. Looks good. And I had a real good research assistant that helped me do Future for Investors. One of my books also, his name is Jeremy Schwartz, who is now, by the way, director of research at Wisdom Tree. He looked at that data. We looked at that data and said, wow.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, Barry, let me tell you. All right. So let's be very frank. So let's go through the story because that tells you a little bit about where, you know, my concept.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Research affiliates, Raffi. Research affiliates actually came out with the first one, the Rafi 1000. We followed him with others. He has a more complicated formula. I know Rob very, very well. Smart guy. Very smart guy. I like him a lot. And as you might have known, I mean, it's public record.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because it was based on a fundamental index, either earnings dividends. Now people have extended that to sales and other concepts.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He said, Jeremy, he said, listen, you've been having questions about cap weighted indices, you know, after the bust. I said, yeah, I was all in tech because it was so big. It was so much and I wanted to get out of tech. And he said, listen, we're developing some indexes that instead of waiting by market cap, you wait by earnings or dividends.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, something about investing. It was mostly in small companies. And obviously when the market went poof in 2000, that had difficulty.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He was not in my class, so I didn't, I knew of him, but didn't know much of him. And basically, he called me up. He had a financial magazine. He said, Jeremy, would you like to do some columns on economics? Anything you want to do? I vaguely remember that magazine.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. Now it falls new. I actually had Maria in a class that I did in New York about learning financial markets for financial reporters way back before she became famous.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, right, exactly. Exactly. So, I mean, he's been in the market one way or the other. And again, he was at war. And way before I was at Warden, but his son went to Warden. And Jonathan Steinberg. And we had met each other on occasion, you know, Jonathan Steinberg's wife.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That was a big shop. And he had been in the markets in many different ways. I think he was with Lisco at one point. I mean, he rivaled IBM. He went in and said, you know, IBM always leased their computers and they wouldn't let you buy their computers in the 1950s. That was part of their policy. And the Supreme Court said you can't do that, but no one else changed. And he actually went in, got funding to buy them, and then undercut. IBM unleashing them”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's Well, I mean, if you want to take just Eurozone. And, you know, take the UK as something different, and Switzerland. Kind of hard. Yeah. You know, that's true. You don't get those two segments, but clearly that also became enormously popular with Mario Draghi said, you know what?”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, I think it got to 30. We didn't get to 60. But it exploded. Just through the roof. It went through the roof. And then we did one for Europe that has been enormous caught hedge.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Model. Well, first of all, that's an interesting thing. For the developed world, you can hedge currency risk today for zero price because the interest rates are when their interest rates are the same between the two countries, currency risk can be hedged completely at no cost. It is expensive to hedge currency risk in the emerging markets, to be sure. There's no question, I think it's like 12, 15% in Brazil and India, probably 6 or 7% a year, and that can drag your earnings down. That's why you have to make sure that one, you're not buying an overpriced currency, and two, you're not buying overpriced stocks. And believe it or not, today when I look at emerging markets, I see both of those as being very low. Currencies are low and their prices are low relative to their earnings. I think in the next three years.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Interestingly enough, and I'm updating it now to first published in 2000, but I'm updating it. Do you know that the United States was not the best over the last 115 years? And one country just shocks people out of their mind. South Africa had higher, and this is in US dollars. This is converting. South Africa and Australia. U.S. was number three.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because people say, well, look at the United States' most successful country. What happens if you went into Russia or Argentina and all this? And there are definitely a few that don't. And three British economists, Elroy Dimson, Mike Staunton, And Terry Marsh. In 2000 did an investigation of 100 years of return in 17 different countries.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But if you apply a dividend rate among the ones that we do know to the ones we don't know, it was very, very close to the number that I actually got. So I think, you know, again, no bias from...”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Response to criticism Okay, so it's interesting from 1871 on. Very careful to remove any survivorship bias. In other words, every stock is there. If it went bankrupt into zero, we put it in as zero. We don't just do the survivors. Wall Street Journal, a couple people had questioned my earlier data, 1802 to 1871, which was one of the innovative things that I added, and they pointed out that those series might have some survivorship bias. Now, fortunately, a number of academics, Getzman, and others, Will Getzmann and Ibbitson at Yale, of courseman at Columbia, you might have even maybe talked to them on your program. Everyone knows the Ibotson series and all that. Sure, absolutely. They went back to the newspapers and they actually dug down into every stock from around 1810 on.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There are no returns for another 10, 15 years. But also you have to be careful about valuation. Again, the bad period that we had since 2000 was because we were at the most overvalued point. The great period from 82 on started from an extremely undervalued, went to fairly valued, and then stretched all the way up. Right, same thing.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“30 years, and don't forget, think of retirement funds, right? I mean, you know, we put in IRAs, we can stand four or five bad years followed by four or five good years and then even better years. And if we know that return over that longer period of time is going to beat bonds by three, four, five percent a year, wow, that becomes the asset of choice for the long run.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, 1982. Now, we had some interruptions, but the 2000, the average real returns on the market were nearly 14% a year. That was more than twice the average. I mean, that shows you, and then we got, you know, we got to the most overvalued position ever in March of 2000. We had a PE of 30 for the S&P 500. We had a PE for 100 of the S&P tech stocks. And as I mentioned in an earlier segment, we had a PE of 600 for NASDAQ. So you can really get extended. If we all knew two years it would turn around, it would make us feel a lot better. But sometimes it can be three, four, five years. But if you are...”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. Now, I wish it could be just a couple years. Sometimes it's longer, and sometimes you have a string. Yeah, you have a string of good years. I mean, actually from 1988.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Grind it out and all that, and assume that that's okay if we extend it in the future. But it isn't for stocks because stocks have a property which is now almost uniform. It wasn't at that time when I first wrote it, but afterwards now among academics is almost uniformly agreed. It has a property called mean reversion, reverting to the mean. So, you know, we can have a couple good years of stocks, and if it gets way above, it'll come back down. A couple bad years, it comes back up. Mean reversion means that volatility in longer periods of time are relatively less than in shorter periods of time because you're going back to the mean.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Quite get the first 10 years, but I got it after that. And that was actually the beginning of the book, The Stocks for the Long Run. Now here's the major idea that I think that I think really made it a powerful new book, not just a long-term data and not just the fact that stocks return 6.5 to 7% after inflation overall long-term periods. What I showed was when you stretch out your holding period up to 15, 20, 30 years, stocks actually were safer than bonds at a lower variance and lower volatility than bonds. And I made one of the biggest criticisms I have of standard portfolio theory that we teach in our business school. It's all based on one-year measures of risk. We all do one year we grow.”
2015-10-18 · Masters in Business · An Interview With Jeremy Siegel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source