Stock Returns Washed Away

The bear market has taken a terrible toll on equity returns.

By + More

Brad DeLong does the terrible math:

"Average real capital gain over the twelve years since Greenspan's "irrational exuberance" speech in December 1996: -2.1% per year.

Average dividend paid on the S&P composite over the twelve years since Greenspan's "irrational exuberance" speech in December 1996: 1.6% per year.

Real return on the S&P composite over the twelve years since Greenspan's "irrational exuberance" speech in December 1996: -0.5% per year."