Sorry for so many economic posts in a row...
With today's drop in stocks, the Dow is now equal to April 1997. All of the gains over the past 11 years have been wiped out.
Think of everything that has happened since April 1997 (a period I remember vividly as I was working full time and teaching 3 of Spellman's classes after his first heart attack).
If you had invested $1000 in a stock index fund you would have $1000 today.
You might as well have put it in your mattress.
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Before Wu corrects me, it would actually be less than $1000 because of fees.
All gains over the past 11 years may have been wiped out, but I don't feel younger or thinner. But I am still broke.
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