So wait, is throwaway2048 correct that this type of analysis misses companies who dropped out? Or are the gross return numbers including selling the shares of '

So wait, is throwaway2048 correct that this type of analysis misses companies who dropped out? Or are the gross return numbers including selling the shares of 'leaving the index' companies at a loss? I would imagine the latter and so his point is wrong, but I'm open to being corrected