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by verteu 1246 days 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.
1 comments
kgwgk 1246 days ago
A 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?

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verteu 1246 days ago
It 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.
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