@article {Clarke89, author = {Roger G. Clarke and Meir Statman}, title = {The DJIA Crossed 652,230}, volume = {26}, number = {2}, pages = {89--92}, year = {2000}, doi = {10.3905/jpm.2000.319741}, publisher = {Institutional Investor Journals Umbrella}, abstract = {The DJIA, like most indexes, is a capital index. It excludes dividends. The DJIA was initiated in 1896 at 40.94 and reached 9,181.43 by the end of 1998. The authors show that a wealth DJIA, an index that accounts for reinvestment of dividends, would have reached 652,230.87 by the end of 1998. Adjusted for inflation, the wealth DJIA would have reached 31,469.30.}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/26/2/89}, eprint = {https://jpm.pm-research.com/content/26/2/89.full.pdf}, journal = {The Journal of Portfolio Management} }