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<p>[QUOTE=&quot;GoldFinger1969, post: 2093186, member: 73489&quot;]No it doesn&#039;t.&nbsp; The index takes into account ALL stocks, not just winners or losers.</p><p><br /></p><p>Anybody with 1 or 2 or even 3 stocks isn&#039;t investing, they&#039;re speculating.&nbsp; We&#039;re talking returns from the stock MARKET, not individual stocks.</p><p><br /></p><p><br /></p><p>Data are not strictly comparable pre-1926, it is true.&nbsp; But we have the DJIA going back to the late-1880&#039;s I believe.&nbsp; We also have other indices as well.</p><p><br /></p><p>Also, you can&#039;t compare stock investing in 1870 to today.&nbsp; Lots more information, frauds much less likely today.&nbsp; You could buy a railroad stock in the 1880&#039;s and it might not even exist because you would need to send a few telegrams to people near the tracks and that would take days to verify.</p><p><br /></p><p>Don&#039;t even get me started on audited financial statements.<img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" /></p><p><br /></p><p><br /></p><p><br /></p><p>Yes, it has.&nbsp; It&#039;s called the equity risk premium and it&#039;s positive for virtually ALL countries over most time periods, except those that went bankrupt or defaulted on their debt OR got wiped out in World Wars.</p><p><br /></p><p><br /></p><p>There was not modern money management system back then. People invested in individual stocks.&nbsp; Modern funds -- &#039;trusts&#039; -- didn&#039;t get popularized until the 1920&#039;s.&nbsp; Tri-Continental Fund (TY) dates back to the 1920&#039;s, it&#039;s a closed-end mutual fund.</p><p><br /></p><p>Only 10% of Americans had investments in the stock market during The Roaring Twenties.</p><p><br /></p><p><br /></p><p>I doubt the fund charged that much.&nbsp; It may or may not have been leveraged and you are including the interest paid in the fee calculation.</p><p><br /></p><p>Regardless, it&#039;s not comparable to CEFs or OEFs today.</p><p><br /></p><p><br /></p><p>It&#039;s not &#039;Wall Street Make-Believe&#039;, it&#039;s basic common-sense and data crunching which you can do with an HP-12C.</p><p><br /></p><p>If you know of a greater wealth creator or savings/investment program than stocks, please let us know.<img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" />[/QUOTE]</p><p><br /></p>

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