ABSTRACT We derive the fundamental parameters (temperature and luminosity) of 107 619 Hipparcos stars and place these stars on a true Hertzsprung–Russell diagram. This is achieved by comparing bt‐settl model atmospheres to spectral energy distributions (SEDs) created from Hipparcos, Tycho, Sloan Digital Sky Survey, DENIS, Two Micron All Sky Survey, MSX, AKARI, IRAS and Wide‐field Infrared Survey Explorer data. We also identify and quantify from these SEDs any infrared excesses attributable to circumstellar matter. We compare our results to known types of objects, focusing on the giant branch stars. Giant star dust production (as traced by infrared excess) is found to start in earnest around 680 L⊙.