Icons and Ideas with Peter Mallouk Jeremy Siegel: Stocks, Inflation and America’s future
Nov 25, 2025
Jeremy Siegel, a renowned economist and Wharton School professor, shares his insights on long-term investing and market behaviors. He argues that stocks remain the most stable asset class over time, while bonds falter against inflation. Siegel critiques COVID-era fiscal policies, linking them to rising housing prices that left many Americans behind. He warns of cybersecurity risks and discusses the potential of cryptocurrency as a low-fee payment alternative. Ultimately, he celebrates America's spirit of innovation and resilience.
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Stocks Win Over Long Horizons
- Stocks are the most volatile in the short run but the most stable over long horizons.
- Jeremy Siegel shows long-term data where multi-decade real returns consistently favor equities.
Use Stocks To Hedge Inflation
- If you fear inflation, favor equities over bonds as a hedge.
- Avoid relying on bonds to protect purchasing power during inflationary cycles.
COVID Stimulus Fueled Persistent Inflation
- Massive pandemic-era monetary and fiscal stimulus created lasting inflationary pressure.
- Siegel argues Fed money combined with large fiscal transfers produced a permanent inflation shock.
