In the long run we are all dead.”
–Economist John Maynard Keynes.
With the Dow Jones Industrial Average** on the cusp of 30,000 — in the middle of a raging pandemic(!) and teetering economy, no less — it’s not long till prognosticators turn their sights to the next milestone.
Most likely target: 36,000.
Lest you think the authors of “Dow 36,000” qualify as seers, however, note that their book (pictured above) was released more than 21 years ago (October 1, 1999, to be exact), when the Dow was just over 10,000.
On the way to last Friday’s record closing price of 29,479, it touched an intraday low of 6,470 on March 9, 2009.
P.S.: I feel the same way about housing market predictions, i.e., being right eventually isn’t the same thing as being right.
**There are not too many “Industrial” companies left in the “Dow Jones Industrial Average.”
A better label today might be “The Dow Jones Services Average” or “The Dow Jones Software Average.”