Jeremy James Siegel (born November 14, 1945) is the Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania in Philadelphia, Pennsylvania. Siegel comments extensively on the economy and financial markets: he appears regularly on networks such CNN, CNBC and NPR, and writes regular columns for Kiplinger's Personal Finance and Yahoo! Finance.
Siegel was born in Chicago, Illinois, and graduated from Highland Park High School. He majored in mathematics and economics as an undergraduate at Columbia University and obtained a Ph.D. from MIT in 1971. He is currently an advisor to WisdomTree Investments, a sponsor of exchange-traded funds, and as of early 2007 owns a 2% share of the $700 million market capitalization company.
He has been a frequent guest on the business TV program Kudlow & Company on CNBC, where supply-side economics fan Lawrence Kudlow hosts. He is a supply-sider like Kudlow. Siegel is also a lifelong friend of Robert Shiller, an economist at the Yale School of Management, whom Siegel has known since their MIT graduate school days. Siegel and Shiller have frequently debated each other on TV about the stock market and its future returns, and have become financial media celebrities, regularly appearing on CNBC.
Siegel has said that IPOs typically disappoint. In his The Future for Investors: Why the Tried and the True Triumph Over the Bold and the New (Crown Business, 2005), Siegel analyzed 9,000 IPOs between 1968 and 2003 and concluded that they consistently underperformed a small-cap index in nearly four out five cases. IPO research firm Renaissance Capital responded to Siegel's and other academics' arguments in a white paper of theirs from 2010, saying that IPOs outperform the broader market when weighted relative to their market cap.
Some have criticized Professor Siegel for being bullish on the stock market back in 2000. In a BusinessWeek interview in May 2000 when asked about the stock market, he replied:
"Seven percent per year [average] real returns on stocks is what I find over nearly two centuries. I don't see persuasive reasons why it should be any different from that over the intermediate run. In the short run, it could be almost anything."
- The Future for Investors: Why the Tried and the True Triumph Over the Bold and the New (2005).
- Stocks for the Long Run: The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies, McGraw-Hill (1994), ISBN 0-07-149470-7.
- Revolution on Wall Street: The Rise and Decline of the New York Stock Exchange (1993).
- David R. Henderson (ed.), ed. (2008). "Stock Market". Concise Encyclopedia of Economics (2nd ed.). Indianapolis: Library of Economics and Liberty. ISBN 978-0865976658. OCLC 237794267.
- "WisdomTree ETFs Target Earnings, But Can Start-up Turn A Profit?". 2007. Retrieved 2007-03-03.
- Heinzl, John (17 June 2011). "One cure for IPO envy: Look at the numbers". The Globe and Mail. Retrieved 19 May 2012.
- JeremySiegel.com where the "Wizard of Wharton" weighs in on the markets, the economy and investment strategies.
- Bloomberg Article: "The Shiller & Siegel Show"
- EricTyson.com Summary of global investing perspectives in "Stocks for the Long Run"