Conveniently, the period divides evenly into two. The first, the Michael Jordan era of economic perfection: less government, less monetary inflation and more powerful economic expansions.
The inflation-adjusted returns from the Dow Jones Industrial Average over that first 20-year period, with dividends reinvested, was an astounding 12.5% p.a. – you were almost doubling your money every five years.
You can handicap a bull market like that with inflation or the expansion in Fed money or indeed anything else you care to mention – it doesn’t matter, as stock prices climbed FOR REAL!
