Friday, April 4, 2008

When US was an emerging market

Three different statistical procedures for measuring average share price appreciation tell about the same story. NYSE shares rose little in price for forty years. This is because most stocks paid out profits in dividends, rather than retaining earnings. Share prices got a big lift from the Civil War, and the market was about as volatile as in the 1900s. The more things change, the more they stay the same.

Old New York Stock Exchange Project

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