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Re: Re: RE: plateaus

Rod Hay wrote:

Doug was stretching it a bit. The downturn in the market hit in 1913, before
the war started.


Here's the real (CPI-deflated) annual average of the Cowles
Commission index, the S&P 500's predecessor:

1900	127.27
1901	162.27
1902	167.47
1903	138.19
1904	134.96
1905	172.36
1906	184.96
1907	150.43
1908	149.14
1909	186.37
1910	173.02
1911	170.92
1912	170.24
1913	148.28
1914	135.36
1915	142.40
1916	152.42
1917	116.46
1918	88.01
1919	89.27
1920	70.01

I don't think Mark has a 20% decline in mind; the 1916-20 slide is
more like it.

Doug


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