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Message:: [QUOTE="Del Pinto, post: 2092681, member: 73128"]Scovill wasn't formed as a joint stock company until 1850. Abel Porter Co. (1802) had partner shares, but I cannot find valuations; Scovill was an investor in 1811, but the bank didn't recognize him in a very funny episode of that year. In 1827, a half-interest was ~ $10,000. ; I'm guessing shares originally valued about $1,000./ea. Anyway, it was private equity. Siegel is misleading: $1. bought you no stock on Wall Street. The number of contemporary investors qualified or afforded anything like a "diversified portfolio" (built into Sielgel's assumption) with the necessary capital was mere hundreds, perhaps just a few dozen rich merchants, back in the day. In other words, it's almost IMPOSSIBLE anyone could have earned on Wall Street what Siegel claims, period. You're right to point out the unknown business risk, to the hypothetical capital holder: most 1802 companies probably failed (survivorship bias) within a decade or so, and we have no idea how many paid dividends and with what regularity anyway. Share trading costs are totally omitted! Postal and banking costs were higher, too.  All of this would have cost the 1802 investor, in real life. Siegel's work is fraudulent, in its pretense of cost-free stock investing since 1802. Otoh, who could have actually owned a gold $2.50 piece at some point in 1802? Most Americans.[/QUOTE]