Financial Services Industry
Industry: Email Alert RSS FeedDeflating the Dow. (Dow Jones Industrial Average)
Futures (Cedar Falls, Iowa), August, 1996 by Burke, Gibbons
Recent history disproves the belief that the stock market is a safe place for long-term investment. In 1966, the Dow Jones Industrial Average saw the start of a 12-year bear market which eventually retraced over 90% of the movement since 1950. This bear market is not reflected in the charts because of the effect of inflation on value.
The stock market never goes down - in the long run. It's a safe place to put your money, forever - just buy 'em and hold 'em. Darts are smarter than the pros.
Such is the prevailing wisdom of Wall Street, and heretics who dare to challenge the dogma are pilloried. On May 14, 1996, The Wall Street Journal, analyzing the reasons for Jeff Vinik's departure from Fidelity's flagship Magellan Fund, suggested his "recent move into bonds...
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