Dow 36 000 Fun With Numbers
My problem with “Dow 36,000” has nothing to do with the fact that the Dow has fallen more than 1,000 points from its all-time high on Aug. 25. Stomach-churning, but for long-term investors, a mere blip. My problem is that even if you accept the thesis that U.S. stocks are no riskier over the long term than Treasury bonds–which I don’t–you have to torture the numbers to justify 36,000 as a reasonable price for the Dow today....