--- Bryan D Caplan <[EMAIL PROTECTED]> wrote: > (Incidentally, 7% sounds low relative to other averages I've heard. > Burton Malkiel cites a figure of 10% real pre-tax if I recall > correctly).
Roger Clarke and Meir Statman, Winter 2000, "The DJIA Crossed 652,230", Journal of Portfolio Management, have a table of DJIA: capital, wealth, real capital, real wealth, and after taxes, and for Wealth DJIA (including dividends) they put the geometric mean annual growth at 9.89%, 1896 to 1998, and for real wealth DJIA for those years they have 6.69%. For the S&P, they have real wealth at 7.76%, wealth at 11%. Fred Foldvary ===== [EMAIL PROTECTED]
