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S&P when inflation is removed(ZT)

(2007-10-08 22:48:32) 下一個
[Chart 1]
As you can see, there are two noticeable spikes, in 1929 and in 2000. But most of the movement in stock prices is hidden by changes in the value of the dollar (deflation in the 1930s and inflation in the 1970s). Correct for a fluctuating dollar, as in the next chart, and you see a whole new picture.

 

[Chart 2]
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