High Prices, Unhappy Returns

Editor's Note: This exchange between between BusinessWeek Chief Economist Michael J. Mandel and author Jeremy J. Siegel began when, in reviewing Siegel's book, The Future for Investors: Why the Tried and the True Triumphs Over the Bold and the New, Mandel gave mostly praise but took issue with Siegel's belief in valuing old, reliable investments over newfangled ones (see BW Online, 2/14/05, "Forget the Next Big Thing").

That spurred a set of point-counterpoint exchanges: "Debating the 'Growth Trap'", "How to Pick the Tech Winners?", and "No Quarter in this Telecom Tussle". Here's Siegel's latest installment in the ongoing debate. A response from Mandel is attached at the end of this article.