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The article provides a counterpoint: If you invested in "the market" in 1851, you'd still be underwater (in real terms) in 1932. See page 44.
by verteu 4y ago
The article provides a counterpoint: If you invested in "the market" in 1851, you'd still be underwater (in real terms) in 1932.
See page 44.
- deleted 4y ago[deleted]
- kgwgk 4y agoA counterpoint to what? What's your definition of "underwater (in real terms)"? That investment would have been paying dividends for decades. What happens with those cash flows?
- verteu 4y agoIt was a counterpoint to the common wisdom that "stock returns beat inflation over long-term periods." But I didn't realize the author discarded dividends -- that makes the entire analysis suspect.