Wiping Out a Year of Dow Growth

Ah, a year ago, the Dow was at 10662. It almost hit 13,000 this year! And then last night, back to 10662. Haha, oh wait, now 10,642. Saaaaad. Blame Bank of America, Alcoa and JP Morgan Chase. Oh and HP and Disney! Go on, blame everyone, except yourself. So it’s like nothing happened for a year, except a select group of people made a bunch of money from this process and then a larger and less select group of people lost a bunch of money. Amusingly, the Dow Jones Contrarian Opportunities Index (indexed to WalMart and Microsoft and tons of others — lots more firms than the DJIA has) had much the same pattern over the course of the last 365 days.