OVERVIEW
2000 was a very constructive year. We are grateful that some of the excesses of the last few years were corrected. Let us look at the scorecard. The S&P 500 was down 10%, Nasdaq was down 39%, Dow was down 6%. I consider it a good year because valuations of companies are gradually beginning to return to predictable levels and expectations are becoming more reasonable.
Since 1921, when thorough record keeping on the market began, the NYSE has appreciated about 10% per year, the OTC market (more speculative stocks) by about 12%, bonds by about 4% and inflation . . .
Continue Reading: January 1, 2001
