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Article: Taking stock of market-cap-weighted indexes; Numeric Investors exec questions their validity.(News)
- Article from:
- Investment News
- Article date:
- August 30, 2004
CopyrightCOPYRIGHT 2004 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Joel Chernoff
SAN FRANCISCO - Everybody knows that investors in the U.S. stock market took a bath in the four years since the technology-stock bubble burst. Right?
Wrong. Yes, the broad-market Russell 3000 index lost more than $2 trillion of market value in the four-year period ended March 31, generating a cumulative return of -17.6%. Measurements from other indexes were worse: the Standard & Poor's 500 stock index returned -20.2% during the period, while the beleaguered Nasdaq Composite Index returned -55.7%.
But the story for the average stock was vastly different, according to Langdon B. Wheeler, president and chief investment ...
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