Hi Voltaire, don't want to stray to far from BHP related things but your post is topical for me today. I am currently reading "technical analysis of stock trends" by edwards and magee. the book was written originally in the 50s and they state an example using straight DOW theory.
$100 invested in 1896 at the all time dow low and left in until 1956 would be worth $1757.93
$100 invested in 1897 with the first bull market signal according to DOW theory, and then buying and selling the market according to DOW theory principles would be worth $11,236.65 in 1956.
Pure DOW theory trading has its shortcomings but the process is simple enough for anyone to understand. And the return is (at least historically) heaps better than "investing for the long term".
pe ratio is 6.6, page-35
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