- Placing $100 in U.S. equities in 1900 and holding for 111 years, reinvesting all dividends would see a portfolio of $2,383,810 by 2010
- If spending dividends, the portfolio would be worth $744
- “all of the real stock market returns earned over the past 111 years can be attributed to just an 18 year period – the great bull market that began in August 1982 and ended in August 2000. Without those years the real, inflation-adjusted return of stocks, without reinvesting dividends, was negative.”
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