Jeremy Siegel

Jeremy Siegel
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Name	Jeremy Siegel
Birth date	1945
Birth place	Philadelphia, Pennsylvania
Occupation	Economist, Professor, Author
Employer	Wharton School, University of Pennsylvania
Alma mater	Temple University, Massachusetts Institute of Technology

Jeremy Siegel is an American economist, academic, and author known for his long-term analysis of equity markets, historical studies of asset returns, and public commentary on fiscal and monetary policy. He is the Russell E. Palmer Professor of Finance at the Wharton School, University of Pennsylvania, and has advised policy makers, institutional investors, and media organizations on market valuation, inflation, and retirement planning. Siegel's work bridges academic finance, investment practice, and public debate, informing debates at institutions such as the Federal Reserve, Securities and Exchange Commission, and major financial firms.

Early life and education

Siegel was born in Philadelphia and attended local schools before earning a Bachelor of Science at Temple University and a Ph.D. in economics from the Massachusetts Institute of Technology. His graduate work at Massachusetts Institute of Technology connected him with scholars at National Bureau of Economic Research, Harvard University, and University of Chicago networks, exposing him to research traditions linked to John Maynard Keynes, Milton Friedman, and Eugene Fama. During his early career he interacted with faculty at Princeton University, Yale University, and Columbia University while developing an interest in historical asset returns, linking the histories of New York Stock Exchange, London Stock Exchange, and early American financial institutions.

Academic career and teaching

Siegel joined the faculty of the Wharton School at the University of Pennsylvania, where he taught courses in finance, macroeconomics, and investment strategy. His classroom and executive-education roles connected him with participants from BlackRock, Vanguard, Goldman Sachs, and J.P. Morgan Chase. He supervised doctoral students who later joined faculties at Stanford University, University of Chicago Booth School of Business, London Business School, and INSEAD. Siegel held visiting appointments and delivered lectures at institutions including Columbia Business School, New York University Stern School of Business, Princeton University, and University of California, Berkeley.

Research and investment philosophy

Siegel’s research emphasizes long-term equity returns, real assets, inflation dynamics, and dividend policy. He is associated with evidence spanning centuries of returns—covering episodes such as the Great Depression, World War II, and the Dot-com bubble—and data from markets including the New York Stock Exchange, Amsterdam Stock Exchange, and Paris Bourse. His analysis engages with theories advanced by Robert Shiller, Eugene Fama, Ken French, John Campbell, and Mervyn King on valuation, risk premia, and monetary regimes. Siegel advocates for equity-oriented portfolios for long-horizon investors, arguing equities outperform bonds and cash in real terms across episodes such as the post-World War I hyperinflation episodes and the disinflation of the 1980s under Paul Volcker. He has debated asset allocation with commentators from The Wall Street Journal, Financial Times, and The Economist, and his views inform pension design at entities like CalPERS and sovereign wealth funds such as Norwegian Government Pension Fund Global.

Public commentary and media appearances

Siegel is a frequent contributor to television and print media, appearing on networks including CNBC, Bloomberg Television, PBS, and Fox Business Network, and writing for outlets such as The New York Times, The Wall Street Journal, and The Financial Times. He has testified before committees of the United States Congress and consulted for agencies including the Federal Reserve System and the Securities and Exchange Commission. Siegel engaged in public debate with figures like Alan Greenspan, Ben Bernanke, Lawrence Summers, and Paul Krugman on topics spanning inflation, monetary policy, and stock market valuation. He has spoken at forums hosted by World Economic Forum, Brookings Institution, Council on Foreign Relations, and Cato Institute.

Publications and books

Siegel authored influential books and articles synthesizing historical data with practical guidance for investors. His best-known book offers a multi-century perspective on equity returns and investment strategy that is cited in scholarship by National Bureau of Economic Research, Journal of Finance, and Financial Analysts Journal. He has published research in journals such as American Economic Review, Journal of Political Economy, and Quarterly Journal of Economics. His writings engage with the work of Jeremy Grantham, John Bogle, Warren Buffett, and Peter Lynch on long-term investing, and have been used in curricula at Harvard Business School, Wharton School, and London School of Economics.

Awards and honors

Siegel’s contributions have been recognized by awards and honors from professional bodies and academic institutions, including citations by the American Finance Association and invitations to deliver named lectures at Columbia University and Princeton University. He has received fellowships and honors associated with research centers such as the National Bureau of Economic Research and has been listed among influential finance thinkers by publications like Forbes and Bloomberg. His advisory roles have included participation on boards and committees for organizations such as TIAA-CREF and university governance at the University of Pennsylvania.

Category:American economists Category:University of Pennsylvania faculty Category:Wharton School faculty