Perspective

A little market perspective based on my adult lifetime.

On Jan. 2, 1980 the Dow opened at 838.74, the S&P 500 opened at 102.09. Assuming an 8% annual growth rate the Dow should be at 7235.90, the S&P at 880.74. Now, I'm not being pollyannish in thinking things can't get a lot worse, but, it's pretty clear the 1990s and the first years of this century saw market growth at simply unsustainable rates. Don't jump off the ledge just yet.