gold, page-78946

Simple.

Self evident flaws in the comparison of returns to 1896is the point estrang.

'Index investing' wasn't available to the average punter until about 1976, was widely derided at the time and therefore not taken up broadly until far more recent times.

Showing a comparison back to 1896 of equity returns in comparison to other markets is therefore flawed, does not reflect reality and impossible to achieve by the average punter due to the the dynamic nature of indexes and their composition and I would have thought you would have been able to work that out ?