Tough Decade for Equities

June 27, 2008

A 17-1/2 year uptrend in the Dow Jones Industrials carried that index from 777 on August 12, 1982 to a peak of 11,723 on January 14, 2000.  It took until October 3, 2006, nearly seven years, for the DOW to overtake the 11,723 peak, and yesterday it fell below that benchmark yet again.  So after rising roughly 17% per annum for 17+ years, it has made no additional net headway during the past 8-1/2 years and is indeed 2.9% below the 2000 peak.  In fact, the DOW since January 14, 2000 has performed much better than other key markets.  The Nikkei, for instance, is 30.3% lower than its value on 01/14/00.  The British Ftse fell 12.1%, and the German Dax lost 8.9% over that period.

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