By my math, that means, the Dow has returned 0.99 percent a year over the last 80 years. Yow!
Audit Reader Edwin Hamilton also notes that the Dow has performed miserably over long investment horizons. He calculates that a dollar invested in the stock market in January of 1966 was worth--you guessed it--a dollar in real terms in September of 1995. Worse, that dollar invested in 1966 was worth only about 33 cents in real terms if you happened to cash out in October 1982, just before the great bull market began.