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Chuck Jaffe: Dow 20,000 shows why a 21-year-old forecast for Dow 116,200 in 2040 still makes sense

I hate the Dow Jones Industrial Average as a benchmark for the stock market. I love it for what it says about the value of forecasting.

With the Dow DJIA, +0.07% now standing in the shadow of 20,000, it’s hard to see much beyond the celebration of a round number, or to hear anything but forecasts of where the benchmark goes from here.

But every time this happens, it reminds me to check up on a Dow prognostication made by mutual-fund pioneer Bill Berger in a 1995 speech at a Society of American Business Editors and Writers conference in Boston.

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