"But if i was guessing, i would say the deflationist arguement has legs. ie includes all. Although in the early 1930's the only 2 companies that went over 40% were those related to lumber"
the early 1930's do not include 1929 or 1935 and this is central to your Homestake/gold example.
"According to CRSP, only one industry had positive returns from 1930 through 1932: logging. The two stocks in that tiny sector, Diamond Match and Mengel Co., whittled out a cumulative gain of 40% for the three-year period. Diamond turned timber into matchsticks; Mengel made trees into packing materials, primarily for daily necessities like tobacco and soap."
