June 2003
Intermediate to advanced
271 pages
14h 54m
English
Content preview from Tech Stock Valuation
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THE TIME SERIES OF STOCK PRICES 31
II. THE TIME SERIES OF STOCK PRICES
Most investors are well aware of the fact that stock market indexes move together
over extended time frames. For example, as shown in Fig. 2.1, during the 5-year
period from April 1, 1995, to March 31, 2000, the Dow Jones Industrial Average
(DJIA) went on an unprecedented run from 4168.4 to 10,921.9. This stunning
advance of 162.0% represented a compound annual rate of growth before dividends
of 21.2% per year. During this same time frame, the Standard & Poor’s (S&P) 500
Index jumped from 501.9 to 1498.6 or 198.6 and 24.5% per year, while the Nasdaq
leapt from 818.1 to 4572.8, an ...
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