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Maybe you are rich, you wise investor. It seems to me that anyone in the market for a long time should be rejoicing today, because at 13,000, he should be wealthy. Look at the stats:- The Dow Jones hit 1,000 on June 11, 1981. At that time eggs cost $0.85 a dozen, gas was $1.35 a gallon, and electricity sold for $32 per 500 kWh.
- The Dow Jones climbed to 5,000 on November 21, 1995. Eggs were selling for $0.88, gas for $1.19, and power at $50 per kWh.
- The Dow reached 10,000 on March 29, 1999. Eggs reached $1.00, gas was a measly $0.99, and electricity cost $45 for 500 kWh.
If I had $1.00 on the day the Dow hit 1,000 in 1981 (and I'm pretty sure I had at least one), that same dollar would buy $2.26 worth of goods today.
If I'd put that same $1.00 in the market, I'd have $13.00 today. Duh.
So why aren't I rich? A pension instead of a 401K. A taste for travel and credit. And a lack of faith in the long-term health of the American economy.
How many people will look back from 25,000 and realize they've repeated my mistake?
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