The Ledger, every show
Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.
shows 
every show 44 of 44
Siegel: Modern Keynesians constantly stimulate, exhausting ammunition for real crises
“Keynesians generally don't have anything to do with the economics of Keynes. They think it's always an emergency, so they're always trying to stimulate, and then when you have a real emergency, they're out of ammunition and can't do much of anything.”
Siegel: Total global forest cover is actually increasing, not decreasing
“And the amount of forest in the world is going up, not down.”
Siegel: Long-term investors should tilt toward value over growth over 10-20 years
“If you're a long-term investor, you should probably tilt your portfolio toward value, not growth at this point. You may lose for a while, but in 10 or 20 years, you'll be very happy.”
Siegel: Stock performance is driven by corporate profitability, not GDP growth
“The underlying driver of a stock Isn't the growth of the overall economy. It's the growth of corporate profitability.”
Siegel: Global Population Will Peak Late This Century and Then Decline
“The population is going to continue to grow slowly and peak late in this century and then begin to decline.”
Siegel: Half of the world's population is now middle class
“For the first time in history, half of the world's population is middle class. By the standards of the World Bank.”
Siegel: Future Global Wealth Creation Will Exceed the Past 250 Years
“There's going to be more wealth creation in the future than there was in the last 250 years.”
Siegel: Ford Foundation outperformed mostly via high equity allocation, not manager selection
“I think we did over the very long run, but most of that was by having more equities than the average foundation in a period when equities went up tremendously.”
Siegel: Exceptional returns require managers who teach allocators something genuinely new
“When you're evaluating a manager,
You've pretty much heard all their sales pitches.
You know all of them personally.
You know pretty much what they know.
You just don't do the detailed work that they do.
So if you meet one who teaches you something that's real…”
Siegel: Non-US global stock markets look like a bargain
“In the rest of the world, I think the whole global stock market, ex-US, and maybe one or two countries, feels like a bargain to me.”
Siegel: Passive indexing's tipping point lies between 80% and 95% ownership
“I think there is a tipping point in that we're nowhere near it. It probably is somewhere past 80 and before 95. I'd be very surprised if we ever get there, because as you approach that point, fewer and fewer dollars are managed actively, and it should become e…”
Siegel: Massive government money printing will eventually trigger significant inflation
“Nothing has changed, and so we can expect inflation at some point because the government is printing a lot of money.”
Siegel: Machine learning is just applied classical statistics scaled by fast computing
“Machine learning is just applied statistics, and it's what you learn when you took your statistics class in college or graduate school, and you read Thomas Bayes, who lived in the 1700, and Gauss, who lived in the 1800. And there's nothing that machine learnin…”
Siegel: Second-movers win in tech because pioneering first-movers get shot
“And the first mover advantage is that pioneers get shot. They spend a lot of money and invent the necessary technology, then the settlers get rich. So the second mover advantage is the real advantage.”
Siegel: Endowments will no longer achieve outsized investment returns
“They're not going to shoot the lights out because those opportunities don't exist anymore.”
Siegel accurately predicts COVID-19 will become an ongoing managed condition
“We'll get this under control, it'll be a new virus that we deal with on a, an ongoing basis, like the flu, or SARS, or MERS, or AIDS, or polio. There will be a vaccine, there may be a cure, and we'll move on to the next crisis.”
Siegel: Global economic growth will match or exceed historical 3.5% rate
“Meanwhile, global growth should proceed around three and a half. Which is the historical rate. I think it'll be better, actually, because we have been in a slow period for the United States.”
Siegel: The world will continue using massive amounts of carbon energy
“Energy transitions from wood to coal, coal to oil, oil to nuclear, whatever's going to be next, take a long time because of the size of the installed base and capital required to build out the new infrastructure. So, We're going to use a lot of carbon based en…”
Siegel: Nuclear Power Is the Cleanest Energy Available
“The cleanest energy there is is nuclear power.”
Siegel: Governments Have Only Three Ways to Raise Revenue
“There are only three ways a government can raise revenue. We can either get it through current taxation, borrowing, which means future taxation, or inflating away the real value of existing debt. Which is taxing the past.”
Siegel: Illiquidity risk works if three years of expenses are reserved
“The very long-term orientation and a willingness to take some illiquidity risk is not so bad as long as you set aside enough money to pay, let's say, three years' expenses and have a healthy cash flow into the organization.”
Siegel: Global GDP per capita today matches the US in 1949
“The world GDP per capita in purchasing power terms is around 16 to 18,000 dollars. That's what the United States was in 1949 when we were unquestionably a first world country.”
Siegel: Top 20 non-US countries roughly equal the US in market cap
“If you add up the next 20 countries, Japan, Hong Kong, France, India, Canada, the UK, and so forth, you get to 30 trillion dollars, almost exactly the same as the United States.”