The UNadjusted for inflation Dow was flat over 1/66 – 10/82, see the numbers here:
http://homepage.mac.com/ttsmyf/TABLEnum.html
BUT during this interval, CPI-U rose by a factor 3.09.
New 1,001 sources needed!

I’ve had this real history on my mind since timely seeing the WSJ chart — and I still am astonished that such compelling fact is kept little-apparent to the people, in our free markets/free press/free country! High deception by omission!

You mentioned TIPS — this is all I’ve written up on this, but it’s done:
http://homepage.mac.com/ttsmyf/toEJ.html
Basically, the average of all DJIA stocks-holders owned it the whole time; dividends and frictional costs are cash flows to him, summing to 2.7-3.2%/yr. The +1.64%/yr average long-term real price growth I figured (see my main page) is of course composed of a wide range of outcomes — on a certainty equivalent basis it is essentially 0%/yr. I used CRRA, with coefficient of 5 (‘serious money’ choice).

Here’s more “High deception by omission!”
http://homepage.mac.com/ttsmyf/RD_RJShomes_PSav.html

Until Bush tax cut, dividends, and someone correct me if I’m wrong, had previously be treated as ordinary income, thus taxed at one’s marginal rate–let’s say 1/3 for kicks, reducing the “dividend effect” somewhat to be sure. Interesting

….matches my wages

Simply put, I can’t see how this number can be right. I’ve read 1,001 times from 1,001 sources that the stock market was flat, adjusted for inflation, from 1966-1981 (of course, maybe that’s an urban myth, which is why I plead that you post any kind of confirmation or proof that the chart is inaccurrate). If I recall right, the Dow was roughly at 1000 in 1981. Adjusted for an inflation rate of 5% per year since 1981 (which is probably high), the Dow would be at about 3900 right now. It just doesn’t make sense how the Dow is not any higher than it was in 1966, even excluding dividends (assuming the Dow was the same in 1981 as 1966, adjusted for inflation).

Can anyone please confirm this claim, and Barry, can you please post any confirmation or proof that the chart is wrong. If this chart is actually accurate — if the Dow, over a 43+ year period from 1966, was flat when adjusted for inflation — then it seems to me that it is a mightily powerful argument for lay investors to dominate their portfolios with TIPS, no matter what your age or time to retirement.