Laurence Siegel

Laurence Siegel serves as the Gary P. Brinson Director of Research at the CFA Institute Research Foundation. He previously was director of investment policy research at the Ford Foundation. His research contributions span capital market history, the equity risk premium, investment strategy, and the long-run performance of various asset classes. He edited and authored numerous volumes on global investment performance and asset allocation. Siegel is known for his accessible writing style that makes complex investment research available to the CFA practitioner community and beyond. His work on the equity risk premium — what return premium investors historically demand for holding equities over bonds — has contributed to ongoing debates about how to set long-term capital market assumptions. He has also written on the philosophical foundations of financial economics, exploring how economic models relate to observable market phenomena and what practitioners can and cannot expect from quantitative finance tools.