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Mark Hulbert: Why Dow 20K is the mark of an underachieving market

CHAPEL HILL, N.C. — Far from celebrating the Dow reaching the 20,000-point milestone, investors should be lamenting how long it took.

That’s because the stock market should long ago have reached today’s levels.

This historical perspective teaches us a fundamental truth that investors are missing as they otherwise celebrate Dow Jones Industrial Average DJIA, +0.30%at (nearly) 20,000: The question is never if the stock market will eventually reach a given milestone, but when.

Consider where the Dow would be today if the stock market so far this century had risen at the same rate as it had in the last century.

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