Jeremy Siegel, Stocks for the Long Run, 3rd ed. (New York: McGraw Hill, 2002), 153–55. The difference between Siegel and Leuthold was not so much a matter of numbers as a question of how you applied those numbers to investor behavior in the real world. Leuthold agreed that if an investor had both the psychological and financial wherewithal to hold on to his losers for the very long haul, he would reap double-digit returns. Indeed, if an investor held from the end of 1972 through March of 1999, Leuthold acknowledged that the bull market would have lifted his average annual return on the Nifty
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