Ken sez:<<If I understand you, if I had an investment portfolio worth $100,000 in 12/72, it would have been worth $57,400 in 9/74. I would not have been back to the original $100,000 until 6/76 - 3.5 years later. My portfolio value would have then gone down again and not recovered back to the ORIGINAL $100,000 value until 4/78. So, my portfolio, which was invested very Foolishly in the S&P index, would have had a zero return - in the aggregate - for approx. 5 years and 5 months - and during MOST of that time, I was DOWN in value.>>If you accept Ibbotson's total return index numbers (and I do as do many others), that's precisely what it means.Regards..Pixy
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