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Prof. Richard Sylla on adjusting the Dow's record for inflation

wall street journal logo feature
Excerpt from The Wall Street Journal -- "Ignoring inflation, Mr. Sylla said, the Dow appears to be roughly 140 times its level of 100 years ago, an enormous gain. But removing price increases and counting only real gains, the Dow is roughly seven times its level of 100 years ago, a good gain but far from what it appears."

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