Daily Stock Market Affirmations: It's Not All Apple

Photograph by Michael Nagle/Bloomberg

I am a loyal subscriber to the Leuthold Group’s monthly green book, a smartly curated volume of market stats, jokes, and charts compiled by folks in Minnesota that ranks up there with Maxim and Soldier of Fortune for consistent reader engagement. The latest issue underscores how much stock market investors still lag, dating back to the old tech bubble on an inflation-adjusted level. In absolute terms, today’s S&P 500 is not too far off its year-2000 peak of 1,527. And just a few weeks ago, we broke into an all-time high, if you include the lift of dividends. But factor in the ongoing hit of inflation—however tame it’s been—and the market would have to rally to 2,009 (fully 45 percent higher than where it is now) to pass its peak of 12 years ago. (The S&P 500 briefly pierced that high in 2007, only to collapse into the Great Panic of ’08.)

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