dshort

The Value of Financial History

For a really long view of U.S. financial history, I keep an inflation-adjusted chart of the S&P Composite average monthly prices dating back to 1871:

dshort.com/charts/SP-C...

I find this a welcome alternative to the daily chatter in the popular financial press. If reversion to the mean (or, more properly, the long-term trend) has relevance, then the next few years may figure prominently in future books on financial history. For some additional context:

dshort.com/articles/re...